Fiji - Apply for Licence to Conduct Business as an Insurance Broker

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Procedure

Apply In-Person:

1. To Apply for Licence to Conduct Business as an Insurance Broker, the applicant must visit the Reserve Bank of Fiji office. Contact Link
2. The applicant must write “Application Letter” requesting for a license to conduct business as an Insurance Broker to the respective officials in the Reserve Bank of Fiji.
3. Along with the written application letter, the applicant needs to submit the Form-3 application form to the respective official in the Reserve Bank of Fiji. Application Form
4. While submitting the application, the applicant must pay the application fee, which is $8,000 + VAT.
5. Make sure that you have all the documents that are mentioned in the “Required Documents” section of this page.
6. The written letters and the application form should be filled with necessary details, and along with the required documents, it should be submitted to the respective authority in the Reserve Bank of Fiji.
7. The Insurance Broker License application form will be analysed, and verified based on the rules and regulations framed by the Reserve Bank of Fiji.
8. After complete verification and document checks, if all the documents are legitimate, then the applicant will be issued with the License to practice as an Insurance Broker in Fiji under the rules and regulations framed by the Reserve Bank of Fiji.
9. The processing time will be intimated to the applicant while applying.

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Required Documents

• Application Letter.
• Application Form
• Form 5- Application for Approval of Appointed Auditor. Form
• Form 12B - Annual Returns for Brokers. Form
• Form 12C - Insurance Broking Account. Form
• A certified copy of the last two year’s audited accounts and statements. (Including profit and loss, appropriation accounts and statements)
• Bio-data of Directors and Senior Managers to be responsible for the Fiji operations.
• A professional indemnity policy of insurance and a fidelity guarantee policy of insurance.
• Evidence of the opening of an Insurance Broking Account. (To be maintained with a bank licensed under the Banking Act)
• A Feasibility Study which must include:
  • A statement of expected results for the next three years in the light of all relevant circumstances and the evidence, such as a market survey report on which the statement is based.
• Details of the applicant’s accounting and reporting systems.
• A copy of the applicant’s current or proposed structure and organisational chart.
• For a corporate broker:
  • A copy of the Memorandum of Association or other instrument by which the applicant is constituted.
  • A copy of the Articles of Association or other rules of the applicant.
  • A copy of the certificate of incorporation of the applicant or a copy of the certificate of registration of the applicant as a foreign company, whichever is applicable.
  • A copy of the last two audited accounts and statements including: - profit and loss account - appropriation account - balance sheet. (Where the applicant is related to another person, pursuant to section 2(3) of the Insurance Act 1998, the last two audited accounts of the related person must be lodged with the application.)

Office Locations & Contacts

RESERVE BANK OF FIJI
Reserve Bank Building, Pratt St, Suva, Fiji.
Postal Address: Private Mail Bag,Suva, Fiji.
Phone: (679) 331 3611
Fax: (679) 330 2094
Email: [email protected]
Address & Contact Link

Eligibility

• There are various factors required to qualify for the Insurance Broker License application. The basic eligibility requirements will be explained clearly by the authorities in the Reserve Bank in person.

Fees

• Application Fee - $8,000 + VAT.

Validity

• The validity period will be mentioned in the license certificate issued to the applicant by the Reserve Bank of Fiji.

Documents to Use

• Application Form
• Form 5- Application for Approval of Appointed Auditor. Form
• Form 12B - Annual Returns for Brokers. Form
• Form 12C - Insurance Broking Account. Form

Sample Documents

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Processing Time

• The processing time will be intimated to the applicant while applying.

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Instructions

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e.g., The state office holds birth records since January 1908.

Required Information

• Name of the Applicant
• Date of Incorporation
• Place of Incorporation
• Address of registered office
• Street address of principal place of business
• Address for service of notices
• Postal Address
• Telephone No
• Fax No
• Particulars regarding directors
• Full Name
• Address
• Qualifications/Experience
• Particulars regarding Principal Officer
• Full Name
• Address
• Citizenship
• Qualifications/Experience
• Is any director, Principal Officer, General Manager, Secretary, or similar person of the applicant are insurer or broker in Fiji Islands, or elsewhere? YES/NO
  • If Yes, give details
• Does any director, Principal Officer, General Manager, Secretary, or similar person of the applicant fall within the definition of a disqualified person as described in section 23 of Insurance Act 1998? Yes/No
  • If yes, give details
• State the class or classes of insurance business for which the applicant is seeking a license in the Fiji Islands, Ex – All or Certain Class (specify)
• Give particulars of business other than insurance business which the applicant carries on, or proposes to carry on, whether in the Fiji Islands or elsewhere:
• For an Applicant which is a stock company, give details of Capital:
  • Authorised: Shares of $ ___ each, totalling $_____
  • Paid Up: Shares of $ ___ each, totalling $_____
  • Allocation of paid up shares
• Name
• Citizenship or Place of incorporation
• Percentage of paid up shares held
• Value of Shares
• Declaration
• Signature
• Date
• Signature of Director/proprietor
• Principal Officer signature

Need for the Document

• The Insurance Broker License is a necessary document to practice as a Insurance Broker in Fiji. It must be licensed and registered by the Reserve Bank in Fiji.

Information which might help

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Other uses of the Document/Certificate

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e.g., Birth Certificate can be used as proof of identity.

External Links

• External Link
• External Link
• External Link

Others

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