Cyprus Insurance Brokers' License - Useful Information And Requirements For EU Passporting

Cyprus Insurance brokers' license - Useful information and requirements for EU Passporting

Requirements to obtain an insurance brokers license in Cyprus

Timeframes

• Gathering of the information: usually takes 1 to 2 months depending on how efficient the applicant is
• Application Examination: Usually 2 months
• Creation of a Company (which will subsequently be licensed): Less than 1 month
• Overall: from experience the application takes between 4- 5 months

Trick: To speed up the process ensure the name of the brokerage is decided by the management early as it will have to be approved by the Cyprus Registrar of Insurers and then by the Cyprus Registrar of Companies a process that could take 2/3 weeks. Without the name you can not apply for the Company which takes less than a month. This process alone before applying could take 2 months! So if in hurry, prioritise the name first.