The FIAU has recently issued an Interpretative Note guiding Insurance Brokers and Tied Insurance Intermediaries on their obligations as subject persons. The Interpretative Note highlights that Insurance Brokers are only considered to carry out relevant financial business when providing long-term insurance, whilst Tied Insurance Intermediaries are only considered as subject persons when authorised to retain customers’ funds. Insurance Brokers who have always limited their activities to ‘general insurance business’ and Insurance Brokers who have decided to cease any ‘long-term insurance business’ are to inform the FIAU in writing.
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