Insurance Brokers License: Common FAQs

Timeframe

How long does it take to obtain the insurance brokers or agents license?

• Simple structure / set up - Cyprus Company owned by individual shareholders
• Typically it takes between 3 - 6 months from the day we submit your licensing application.
• Complex structure / set up - Cyprus Company is owned by an overseas group

If however the structure is not simple, and for instance a group will apply for the licensing instead of a stand alone Cyprus Company (common practise), the complexities of the group will most likely increase the timeframe by additionally 3 months. This is because of the extra AML, KYC and checks that will have to be performed by the local regulator and the service provider. In addition, from experience, the collection of data and KYC information when dealing with groups tends to be a slow process.