Declaring the Provisional Authority to Sell or Solicit Insurance Business Pending Issuance of Regular License Inoperative
04 Nov 2024
The Insurance Commission issued the attached Circular Letter to supersede the circular letters on provisional authority to sell or solicit insurance business. The Circular Letters 11-1999, 3-2009, and 33-2011 are rendered inoperative in view of the implementation of the Enhanced Licensing System (ELS) on February 1, 2016.
Moreover, the Commission reiterates the requirement for the registration and issuance of the license of insurance agents:
- All insurance companies are reminded that no application will be processed unless accompanied by complete documentary requirements and payment of licensing fee.
- No person can act as an insurance agent without a license from this Commission and payment of commission to unlicensed agent shall be penalized pursuant to ltem Vll-C.9 of Circular Letter No. 153-2014 dated May 15, 2014
Please see attached circular for further guidance.
IC Circular Letter No. 2024-21
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