The Registration Department
Ms. Sandra Walters
The Registration Department is responsible for facilitating the registration and licensing of entities and individuals operating within the Insurance, Securities and Private Pension industries, guided by their respective Acts and attendant Regulations. In order to be licensed or registered, applicants are required to submit documents pursuant to the relevant Acts and regulations, to be assessed for fitness and propriety, thus deeming them suitable to conduct business in the relevant capacity.
The Registration Process
An entity applying to the Financial Services Commission (“FSC”) for registration or licensing is required to submit the relevant application form, properly completed and signed, accompanied by the requisite supporting documents. Applications deemed incomplete are not accepted by the FSC and will be rejected. Once an application is accepted, the FSC will assess the documents submitted to determine if the applicant has satisfied all the conditions as prescribed by the respective Acts and attendant regulations. In order to complete its determination, the FSC may require the applicant to submit additional information or will instruct the applicant to make changes deemed necessary. Once an applicant has satisfied the requirements, the application will be approved and a certificate of registration or licence issued.
If however, the assessment is completed and it is determined that the applicant has not satisfied the conditions as stipulated by the respective legislation, the FSC will inform the applicant in writing of the refusal, stating the reasons for the refusal and informing the applicant of the right to an appeal.
Who is Registered/Licensed
There are various categories of licensees and registrants within each industry who apply for licensing or registration. Within the Insurance Industry, new applicants are registered as: general and life insurance companies; association of underwriters; corporate and individual local insurance brokers; corporate and individual insurance agents; insurance sales representatives; corporate and individual loss adjusters; corporate and individual claims negotiators; corporate and individual insurance investigators; corporate and individual insurance consultants; local and overseas reinsurance brokers; corporate and individual facultative placement brokers; and managing general agents. Entities registered to operate in the insurance industry may solicit different classes of business. Life companies may solicit ordinary long term insurance business and sickness whilst general companies may solicit accident; liability; marine, aviation and transport; motor vehicle; pecuniary loss and property.
Persons operating within the Private Pensions Industry are also required to submit applications to the FSC for registration or licensing and approval in order to be deemed suitable to operate as such. Therefore, those registered are superannuation funds, retirement schemes, trustees (corporate and individual) and responsible officers, whilst those licensed are the administrators and investment managers (companies providing corporate services to the superannuation funds and retirement schemes).
Persons operating within the Securities Industry are also required to obtain a licence or certificate of registration in order to operate in the industry as specified by the Act and regulations. Entities registered by the FSC are: dealer/investment adviser representatives, responsible officers, mutual funds and unit trusts, whilst the licensed entities are company and individual dealers/investment advisers.
In order to facilitate seamless and timely registration processes only complete applications will be accepted.