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Salespersons


What is the difference between a Salesperson and a Sub-Agent (Category 1) Sole Proprietor?

posted Jan 7, 2013, 12:31 PM by ICB Administrator

The Salesperson is employed by one employer only and can be tied, or commissioned. A Sole Proprietor is an individual wishing to be self-Employed and can have an agreement with one Agent only. Any individual who is deem fit and proper by the Commission and is generating commissions of less than $250,000 can operate as a Sole Proprietor.

Can long term companies use their sales force to sell general products?

posted Jun 23, 2011, 3:36 PM by Patrice Rolle

For clarity; Regs, 126 states that Salespersons can only have one employer, and Regs 124 clearly states that Long Term company can only use sales force for that product and Agents, brokers, sub-Agents can only be used to sell general insurance products:

With regard to the utilization of salespersons

(a)     life and health insurance companies shall continue to utilize their own

Tied‖ or ―Commissioned‖ sales forces, of which each member must

be registered by the Commission;

(b)     property  and  casualty  insurance  companies  may  only  sell  their products through registered agents, sub-agents, and brokers;

(c)     registered  agents,  sub-agents,  and  brokers  selling  property  and

casualty  insurance  products  may  utilize  Tied‖,   ―Employed‖   or

―Commissioned   salespersons,   and   such   salespersons   must   be

registered by the Commission.

How many companies can a salesperson work for?

posted Jun 23, 2011, 3:32 PM by Patrice Rolle

Persuant to Section 126 of The Insurance (General) Regulations, 2010; a Salesperson can have only one employer at any one time. The Salesperson is employed by one employer only and can be tied, or commissioned.

Salesperson Requirement List

posted May 19, 2011, 12:49 PM by Patrice Rolle

Please see requirements for initial registration as a Salesperson;

How can I register as a Salesperson?

posted Apr 29, 2011, 5:58 AM by ICB Administrator

You will have to submit an application , along with the prescribed fee and required documents. Once you have been pre-qualified you will have to pass the ICB's exam in order to be registered as a Salesperson. Please see below Salespersons requirements;

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