The Financial Regulatory Authority (FRA) has prohibited insurance consultants from assuming executive management roles in insurance or reinsurance brokerage companies.
The regulator did this by deleting a regulatory clause that allowed insurance consultants to assume executive management roles in insurance or reinsurance brokerage companies.
The move is in line with new rules and standards for registering brokerages and insurance consultants, with the aim of strengthening governance and preventing conflicts of interest.
The new regulation stipulates that a natural person wishing to be listed on the FRA’s register of insurance consulting experts must not be registered in the register of insurance brokers to enshrine the principle of separation of activities and independence of roles in the insurance sector.