In Cyprus, the regulator of the insurance industry is the Cyprus Registrar of Insurers. Similarly to the Cyprus Registrar of Companies, the Registrar of Insurers is responsible for the licensing of the physical and legal bodies engaging in life and non-life insurance products.
Cyprus has two main categories of insurers, each with different criteria performing similar tasks: insurance agents and insurance brokers.
Choose the license category that fits your business model.
Licensed to offer products from multiple insurance companies, acting in the best interest of consumers. Requires university degree, dedicated premises and FCA-relevant qualifications.
Licensed to represent one or more insurance companies. In Cyprus, agents typically represent a single insurer in practice. No capital requirement and lower credential bar than brokers.
A UBO (Ultimate Beneficial Owner) is the final owner of the structure or company. Not the paper owner, but the real person who exercises control over a single company or group.
The regulators always want to know more about the UBO of the entity which will be licensed. The Cyprus Registrar of Insurers will interview the actual person behind the insurance company application.
How did you, the investor or UBO, collect the money to make this investment? From businesses, salary, inheritance? The evidence will have to be gathered, authenticated and presented. If it is weak or non-commercially sensible, the application will be rejected.
Show exactly how the capital required for the application was accumulated.
Documents must be gathered, certified and presented in the format the regulator expects.
Non-commercially-sensible evidence will stall your licensing operation for a year on average.
Contact us for professional licensing services and avoid costly application rejections.