On Dec. 10, LUX CAA issued circular letter on agents, sub-brokers.
LUX CAA issued circular letter 24/13 on the verification of good repute of insurance agents and sub-brokers.
Main Points
Definition of good repute is in art 285-3 of the Law of Dec. 7, 2015 on the insurance sector, as amended, (LSA); LUX CAA carried out investigations on market practices.
Circular letter recalls and clarifies the legal and regulatory framework applicable to the verification of the good repute based on the 2023 investigations findings and cases.
Details on the documentation to be collected, the frequency of the good repute verification, ways to deal with a criminal record, proof of compliance, communication.
Effectiveness
Subject entities must establish a procedure for the verification of good repute according this circular letter and inform LUX CAA by Mar. 31, 2025.
