MAC PRL published bill on insurance intermediary business law to enhance supervision.
Document dated Nov. 13, 2023, received from MAC PRL Nov. 22, summarized Nov. 23.
Bill
Specifies the insurance intermediary licensing system and the minimum academic requirements of applicants; adjust the validity period of the license to two years.
For natural persons applicants, no longer recognize work experience/technical training.
MAC MA is responsible for conducting qualification examinations on applicants and making approval based on risk-based criteria based on the nature of the business.
Requirements for license renewal include completing continuing professional training.
Introduce principal system/the person in charge of insurance intermediary business.
MAC MA shall determine the number of principals of insurance agents by notification.
Strengthen the obligations of insurers including conducting due diligence on the insurance intermediaries they employ; review, monitor and manage their behavior.
Increase fine for administrative violations of insurance intermediaries and insurers.
Jul. 2024 Revised Bill
On Jul. 23, 2024, MAC PRL issued revised bill on Insurance intermediary business law.
Aug. 2024 MAC GVT Gazettal
On Aug. 12, 2024, MAC GVT gazetted the Insurance intermediary business law (Law No. 15/2024); the finalized law will be effective from Aug. 1, 2025.
In May 2025, MAC MA issued requirements for insurance brokers, see #253150.
In May 2025, MAC MA issued rules on compulsory insurance commission, #253151.
Regulators
MAC GVT; MAC MA; MAC PRL
Entity Types
IB; Ins
Reference
OG 33/2024, Law 15/2024, 8/12/2024; PR 7/23/2024; Bill, 11/13/2023
