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Frequently Asked Questions

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  • Can an agent or broker also be a consultant or perform the duties of a consultant?
    Pursuant to Section 121 (6) of The Insurance Act, 2005; ‘No person carrying on business as an adjuster, consultant, or surveyor shall be registered as a salesperson, an agent, a sub-agent or a broker.’
  • If a company with dual licences (Agent & Broker) has Salespersons and Sub-Agents employed, how are they each placed ?
    The choice of where to place the business is an ethical one; if the company having dual licences has (1) Salespersons and (2) Sub-Agents, note that in the case of (1) Salespersons; only one employer is allowed. Whatever products the company sells can be solicited by the salespersons, however, the onus is on the company to indicate to salespersons and their clients whether their business is placed under the company as agent or broker. In the Case of (2) Sub-Agent; sub-agents can only have an agreement with an Agency; therefore they are acting in the capacity of an Agent and within the parameters of the Agency Agreement. Business for the Sub-Agent should never be placed as a Broker as this is not permissible in accordance to Section 123 (3) of The Insurance Act, 2005.
  • If an Agent has only one Agreement with one Insurer, and can provide proof that they are covered by the one insurer for Professional Indemnity(PI); does the agent still need Professional Indemnity Insurance?
    No separate Professional Indemnity insurance is needed if an Insurer extends their Professional Indemnity Insurance cover to an agent. However this is not recommended as Professional Indemnity provides indemnity for the insurer against loss/circumstances incurred only as a result of their negligent act, negligent error or negligent omission in carrying out the policyholder’s business. If that negligent act is one done or caused by the Intermediary and the Insurance Company wishes to recover from the intermediary monies paid out in the event of a claim, they would have to sue the intermediary as they would not be able to recover on the PI cover as it is one cover shared by both.
  • What is an Agent?
    Under The Insurance Act, 2005, the definition of an Agent is as follows; “agent” means a body corporate appointed by a registered insurer and not being an employee of the insurer, who solicits applications for insurance, collects money by way of premiums and acting in accordance with the relevant agency agreement may bind the registered insurer for whom the agent acts in the issue of insurance cover;
  • What is a Broker?
    According to The Insurance Act, 2005, the definition of a Broker is as follows; “broker” means a body corporate which acting with complete freedom as to their choice of undertaking and for commission or other compensation bring together, with a view to the insurance or reinsurance of risks, persons seeking insurance or reinsurance and insurance or reinsurance undertakings, carry out work preparatory to the conclusion of contracts of insurance or reinsurance, and where appropriate, assist in the administration and performance of such contracts;
  • What is the Capital Requirement for a Broker?
    Under Regulation 97; Every registered insurance broker, independent and public adjuster, shall maintain at all times a minimum paid up share capital and minimum net assets value of not less than an amount equal to the maximum deductible amount of the broker’s professional indemnity insurance policy or fifty thousand dollars ($50,000.00), whichever is the greater.
  • Can long-term companies use their sales force to sell general products?
    For clarity; Regulation 126 states that Salespersons can only have one employer, and Regulation 124 clearly states that Long-term companies 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.
  • Who is a Salesperson?
    “Salesperson” refers to a licensed individual engaged by either a registered insurer or registered insurance intermediary to sell insurance products, and whose primary responsibility is to solicit applications relative thereto.
  • How can I register as a Salesperson?
    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 application requirements.
  • How many companies can a salesperson work for?
    Pursuant 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's Requirement List
    2 Passport sized photos endorsed by manager Completed application form Non-refundable fee $75 First pages of valid passport Valid police record (< 6 months) 3 personal references (<3 months) 1 bank reference (<1 month ) Aptitude test/high school qualifications Marriage certificate (applicable if name changed) Letter from sponsoring company Passing Exam (Passing mark 75%) Exam done first Thursday in the month Study materials can be purchased from the office of The Insurance Commission of The Bahamas, Poinciana House, 31-A East Bay St. North Building
  • What are the differences between Technical Representatives and Salespersons?
    “Technical representative” means an individual, other than one performing clerical or non insurance related functions, and who is employed by an insurer, broker or agent, who provides advice to a policyholder or potential policyholder on insurance matters, or negotiates or arranges contracts of insurance on behalf of an insurer, broker, or agent. “Salesperson” means a licensed individual engaged by either a registered insurer or registered insurance intermediary to sell insurance products, and whose primary responsibility is to solicit applications relative thereto. Salespersons can be employed with either a long term insurer, agent, or broker, and can be employed or commissioned. In addition, such persons go out of office to solicit business and take various applications.
  • What is the difference between a Salesperson and a Sub-Agent (Category 1) Sole Proprietor?
    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.
  • Do the amendments give sub-agents a different sponsor requirement?
    According to the Amended Regulation, a Sub-Agent Sole-Proprietor and Corporate can only be sponsored by an Agent.



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