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  • IM-4.1 IM-4.1 CBB Reporting

    • IM-4.1.1

      Insurance consultants and insurance managers must submit to the CBB the audited financial statements for each financial year. They are exempted from quarterly reporting and from group financial reporting to the CBB.

      Rulebook Reference BR-1.2
      Amended: April 2012
      Amended: January 2007

    • IM-4.1.1A

      Insurance brokers must prepare and submit to the CBB an Insurance Broker Return (Form IBR) for each financial year, within 2 months of the insurance broker's financial year end.

      Rulebook Reference BR-1.2A
      Added: April 2012

    • IM-4.1.2

      Details of the content of the Insurance Broker Return (Form IBR) can be found in BR-1.2A.6. The Return must be:

      (a) Deposited with the CBB within 3 months of the year end;
      (b) Reviewed by the external auditor based on agreed-upon procedures; and
      (c) Be accompanied by a Directors' Certificate.

      Rulebook Reference BR-1.2A.6
      BR-1.2A.1
      BR-1.2A.14
      BR-1.2A.11
      Amended: April 2012
      Amended: October 2007
      Amended: January 2007

    • IM-4.1.2A

      Insurance brokers must submit to the CBB within 3 months from the financial year-end, a report as to the quality of the insurance broker's procedures dealing with the insurance broker's fiduciary assets/liabilities and compliance with Module CL (Client Assets)

      Rulebook Reference BR-1.5.4
      Added: April 2012

    • IM-4.1.3

      Insurance intermediaries and insurance managers must disclose to the CBB material information about changes in their situation including (but not limited to):

      (a) Significant breaches in Rules and other requirements;
      (b) Civil, criminal, and disciplinary procedures, fraud, errors and other irregularities;
      (c) Financial difficulties, breach of minimum solvency requirements, insolvency, bankruptcy, winding-up;
      (d) Changes in auditors and actuaries;
      (e) Changes in address, legal status etc.; and
      (f) Changes in controllers and close links.
      Rulebook Reference BR-2.2.4
      BR-2.2.6 to BR-2.2.8
      BR-2.2.11
      BR-2.3.29
      BR-2.3.3
      BR-2.3.7
      Amended: January 2007
      Amended: October 2007

    • IM-4.1.4

      Insurance intermediaries and insurance managers are required to maintain an open relationship with the supervisor and must permit representatives of the CBB, or persons appointed for the purpose by the CBB to have access, with or without notice, during reasonable business hours to any of their business premises in relation to the discharge of the CBB's functions under the relevant law. The CBB does have powers to request information and commission a report on the firm's business.

      Rulebook Reference BR-3.1
      BR-3.2
      Amended: January 2007