The various laws and regulations in Israel set a number of conditions for obtaining an insurance agent license, a pension consultant and pension marketing agents license and a corporate agent license. Over the years, the Lamda Group has helped many agents meet the existing complex regulatory requirements, with the aim of entering the world of insurance and enabling the insured to benefit from new and diverse insurance solutions.
What are the regulatory requirements that must be met in order to obtain an insurance agent license?
The Services Supervision Law states that the Commissioner of the Capital Market will grant a corporate agent license only to corporations that meet the following conditions:
- They are corporations that are registered in Israel according to the law
- The name of the corporation proves that its business is related to an insurance agency
- The partners who are not defined as limited partners have an agent license
- The managers of the business, the offices and the branches have an agent’s license and they mainly deal with the management of the corporation, the office or the branch.
When the request must also be submitted by the controlling owner of the agency or a power of attorney who must be equipped with an appropriate power of attorney in writing.