The supervisor requires insurance intermediaries operating in its jurisdiction to be licensed.

The supervisor ensures that insurance intermediaries licensed in its jurisdiction are subject to ongoing supervisory review.

The supervisor requires insurance intermediaries to maintain appropriate levels of professional knowledge and experience, integrity and competence.

The supervisor requires that insurance intermediaries apply appropriate governance.

• the terms and conditions of business between themselves and the customer;
• the relationship they have with the insurers with whom they deal; and
• information on the basis on which they are remunerated where a potential conflict of interest exists.

The supervisor requires an insurance intermediary who handles client monies to have safeguards in place to protect these funds. 

Where appropriate, the supervisor takes supervisory measures against licensed insurance intermediaries.

The supervisor checks that the intermediary is taking the measures required and escalates such measures if its concerns are not being addressed.

The supervisor takes measures against individuals or entities that conduct insurance intermediation without the necessary licence.