random check
1. Applicant shall satisfy the minimum requirements specified by the Insurance Authority. For details, please refer to the Guideline on Minimum Requirements for Insurance Brokers
2. Download and complete our “Application Form for Change of Chief Executive” / “Application Form for Alternate Chief Executive Registration”, and submit it with the supporting documents and payment as required in our “Checklist”.
3. Application with defect will be returned.
4. Upon receipt of full and satisfactory documents before the cut-off date, the applicant will be invited to attend an interview with our Membership Sub-Committee in the subsequent month, usually held in the third week.
5. Application result / follow up issue will be notified to the applicant in writing approximately 3 weeks after the interview, subject to full completion of due diligence checking.
6. If the applicant is a Chief Executive (“CE”) currently registered under another insurance broker which has common shareholder(s) with the applying broker or the owners of both brokers are close family members, he/she shall provide:
(i) documentary proof for the relationship between the two brokers concerned;
(ii) his/her reason(s) for the dual registration;
(iii) copies of both companies’ board resolutions in acceptance of such dual registration;
(iv) copy of in-house balance sheet and profit & loss account of the applicant’s currently registered insurance broker, made up to the month within two months prior to the application; and
(v) reference letter from the applicant’s currently registered insurance broker, signed by company’s director, specifying the CE’s job duties and performance.
Notes
(a) Cut-off date for application : last working day of each month
(b) Administration fee is non-refundable.
(c) Our membership year starts from 1st July of each year and ended at 30th June of the subsequent year. Irrespective of the registration date, the licence will expire on 30th June of each year and can be renewed in the manner and form as specified by us.
(d) Unsuccessful applicant can re-apply after 1 month from our notification. For the required payment, please refer to “Fee Schedule”.
(e) A person currently registered as a CE of an insurance broker cannot be registered as a CE of another insurance broker being a member of PIBA unless the two brokers concerned have common shareholder(s) or the owners of both brokers are close family members. Approval of such application depends on justification and is solely at the discretion of our Membership Sub-Committee which may disapprove the application.