On 24 March 2016, the Central Bank announced the introduction of new Authorisation Process Models for (re)insurance intermediaries designed to ensure a more transparent process for applicant firms in terms of the information required, the status of firms in the authorisation process and timelines for decisions.
Of particular note, the Central Bank has updated its Application Form for applicants seeking a (re)insurance intermediary licence. The updated form is more prescriptive in terms of information requirements than its predecessor. In addition, the Central Bank published an updated Guidance Note on completing an application for authorisation which sets out the criteria for assessing applicants, the process for making an application, guidance on completing the different sections of the application form and what the Central Bank expects from intermediaries post-authorisation.
The main features of the new Authorisation Process Model include:
- New applications acknowledged within 3 working days of submission
- Within 10 working days of submission, applicants will be advised whether or not all the key information required has been received to progress to the assessment phase
- Within 90 working days, applicants will be advised of the outcome of the assessment phase and the intended decision in respect of the application
For more information on the Central Bank’s Application Process Model, please click here.