Registry of Insurance Brokers
Registry of Insurance Mediators, Insurance Brokers and their senior positions
What is it?
Insurance intermediaries (insurance brokers and agents) must register in said Registry before beginning their professional activity, if the scope of action of the insurance operations in which they intervene is limited to the territory of the Community of Madrid.
Requirements to enroll
The requirements to register in the Registry are the following:
1. The scope of action of insurance operations must be limited to the territory of the Community of Madrid.
2. Individuals must have completed a training course in financial matters and private insurance.
3. In the case of legal persons, at least half of the people who are part of the management body responsible for the distribution activity must possess appropriate knowledge and skills by passing training courses.
Processing and notifications
What do you need to present to register in the Registry?
1. The Application
2. The required documentation that appears in the application, which indicates those documents whose data the Community of Madrid will consult, unless the interested parties expressly disavow it and therefore they will have to include them along with the rest of the documentation, as well as those that must be provided.
Processing
The file will be processed within a maximum period of 3 months from the receipt of the application. If correctable defects are observed, the interested parties will be required to correct them. Registration or refusal is the responsibility of the head of the General Directorate for Economic and Industrial Promotion.
Notifications
Insurance mediators (insurance brokers and agents) registered in the corresponding registry of the Community of Madrid have certain communication obligations to the Administration as they are:
a) Modifications to the Company Bylaws, previously registered in the Mercantile Registry, that affect the registered office and the name are registrable in the Administrative Registry; They must also notify the Registry for their registration of changes in senior positions (administrators and technical direction).
b) Changes that occur in the partners of the entity (legal person) that may give rise to a system of "significant holdings" and also in any relationship with third parties that may imply the existence of "close ties". Said concepts are defined respectively in articles 8 and 22 of the Consolidated Text of the Law of Management and Supervision of Private Insurance.
c) Modification of the compulsory civil liability insurance.
d) Modifications of the department or customer service
e) The annual statistical-accounting statement (DEC).
