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  • CL-1.3 CL-1.3 CBB Reporting

    • CL-1.3.1

      In accordance with Sections BR-1.2A and BR-1.4A, insurance brokers must prepare and submit to the CBB an Insurance Broker Return (IBR) semi-annually. The 31st December IBR must be submitted by 28th February at the latest. The 30th June IBR must be submitted by 30th July at the latest.

      April 2012
      Amended: April 2022

    • CL-1.3.2

      Insurance brokers must provide the CBB, within 3 months of the financial year end, the audited financial statements and the management letter from the external auditor.

      April 2012

    • CL-1.3.3

      In accordance with Paragraph BR-1.5.4, insurance brokers must provide the CBB, within 3 months of the financial year end, the Agreed Upon Procedure Report produced by the external auditor, certifying that the insurance broker among other things, is complying with the Rules of the Module CL (Client Money).

      April 2012

    • Reporting of Fiduciary Assets and Liabilities

      • CL-1.3.4

        Unremitted insurance premiums held in the client money account, in accordance with Paragraph CL-2.2.4, and uncollected premiums from insureds must be recorded as fiduciary assets on the balance sheet of the insurance broker. Fiduciary assets must have an offsetting fiduciary liability representing the total remittances to be made to the insurance firm.

        April 2012