An application for licensing as an underwriting association is made to the Regulatory Authority in Form 11 set out in Schedule 3 of the Insurance Industry Regulations.
The goal of the policyholder protection regulations is to guarantee that a customer has access to enough information prior to making a purchase in order for them to make an educated decision. Consumer protection is provided through effective disclosure and consumer education.
A person who wishes to render services as an insurance agent or insurance brokers is to make an application to NBFIRA in Form 4 set out in Schedule 3 of the Insurance Industry Regulations.