Fiji - How to Become an Insurance Agent

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Procedure

Apply In-Person:

1. To Become an Insurance Agent, the applicant must visit the Reserve Bank of Fiji office. Contact Link
2. The applicant must write “Application Letter/Intent Letter” from the Insurer nominating the applicant to be their agent.
3. Along with the written application letter, the applicant needs to submit application form and Code of Ethics forms.
   • Application Form
   • Form
4. While submitting the application, the applicant must pay the application fee, which is
   • $250 + VAT for Individual Agents
   • $1000 + VAT for Corporate Agents
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 forms 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 Banking License application form will be analysed, and verified based on the Insurance Regulations act -1998 and also according 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 practise as an Insurance Agent 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
• Code of Ethics Form. Form
• Fit and Proper Criteria to qualify for the Insurance Agent. Criteria Form
• Document Checklist Form
• Curriculum Vitae for Individual agents only.
• Credentials of Directors or Senior Managers in Fiji or the Responsible Officers for Corporate agents only.
• Certified true copy of the joint Fiji Revenue & Customs Authority and Fiji National Provident Fund card.
• For individual agents, 2 recent passport-size photographs. (Names to be written at the back of the photographs)
• Any other information that the Reserve Bank of Fiji may deem appropriate.

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

The basic eligibility to become an Insurance Agent are:

• An agent who is a natural person must be at least 18 years of age.
• A Fiji Citizen or a Fiji Permanent Resident.

Other eligibility requirements are Eligibility requirement checklist form

Fees

• $250 + VAT for Individual Agents
• $1000 + VAT for Corporate Agents

Validity

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

Documents to Use

• Application Form
• Code of Ethics Form
• Fit and Proper Criteria to qualify for the Insurance Agent. Criteria Form
• Document Checklist Form

Sample Documents

Please attach sample completed documents that would help other people.

Processing Time

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

Related Videos

Videos explaining the procedure or to fill the applications.
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Instructions

Please provide other instructions related to the certificate/documents.
e.g., The state office holds birth records since January 1908.

Required Information

• Name of Applicant
• License No
• Date of Incorporation
• Place of Incorporation
• Address of service of notices
• Postal Address
• Telephone No
• Fax No
• Details of applicant’s employment history, qualifications, and experience
• Has the applicant been convicted of an offence in respect of conduct relating to insurance or dishonest conduct or at any time been declared bankrupt? 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 and the name of the Insurer for each class or classes of insurance business the applicant will be acting for:
  • Name of Insurer
  • Class (es) of business
• As accounted for in the policies register, provide details of the premiums paid or payable on policies obtained as an agent during the 12 months ending 30 September
  • Life Insurance
  • General Insurance
• Provide details of Commissions received as an agent from each nominated insurer during the 12 months ending 30 September
  • Life Insurance
  • General Insurance

AGENT DECLARATION

• Signature
• Date
• Agent’s Signature

NOMINATED INSURER’S DECLARATION

• Company Name
• Name of Principal Officer
• Class (es) of Business
• Date

Need for the Document

• The Insurance Agent License is a necessary document to run an Insurance Business 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

Please explain what are other uses of obtaining this document/certificate.
e.g., Birth Certificate can be used as proof of identity.

External Links

• External Link
• External Link
• External Link

Others

More information which might help people.