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Insurance Brokerage Licensing

The Insurance Brokerage Licensing Service is designed to regulate the operations of individuals and companies offering brokerage services in the insurance sector within Saudi Arabia. The service aims to ensure that insurance brokers adhere to professional and legal standards, providing a transparent environment that builds customer trust in the services offered.

The service includes issuing and renewing licenses for individuals and companies upon meeting the legal and administrative requirements. Licensing requirements include submitting documents such as a commercial registration (for companies), professional competency certificates, a clear business plan, and insurance coverage for brokerage activities.


Service Features
Service Requirements
Promotes transparency and ensures adherence to legal and professional standards.
Enables brokers to gain customer confidence through compliance.
Facilitates the entry of new brokers into the market.
Improves the quality of services in the insurance sector.
Professional Qualification Certificate Demonstrates competence in insurance brokerage.
Commercial Registration (for companies) Details the business activity and broker name.
Business Plan: Outlines the mechanism for providing brokerage services and the company’s objectives.
Insurance Coverage: Protects against potential risks associated with brokerage activities.
Clean Criminal Record: Confirms the broker has no prior criminal offenses.
To who the service is directed
building-community
Institutions
clock-check
Duration of service
The licensing process typically takes 15 to 30 working days
Frequently Asked Questions
Who is eligible to apply for an insurance brokerage license?
Individuals and companies operating in the insurance sector can apply for a license upon meeting the requirements.
What is the validity period of the license?
The license is valid for one year and can be renewed annually.
Does the licensing process involve a professional assessment?
Yes, individuals may be required to pass an exam or interview to assess their professional competence.
Inquiry about the service
For more information about (Insurance Brokerage Licensing), you can book your free consultation now with the experts at Ahmed Bashammakh Group for Business Services.
Notes
The response time from a 30 minutes to 24 hours