Agency Matters

Requirement for Registration of Exempted Agents (i.e Financial Institutions and
Motor Vehicle Franchise Holders)
In order to promote more equitable rules in the transaction and procurement of general insurance services and products via insurance intermediaries, the existing rules in the ICAGIB/GIARR was reviewed to require presently exempted agents such as financial institutions and motor vehicle franchise holders to be registered and subject to the same rules and regulations applicable to all other registered agents except the 2-principal rule.

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