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GR-9.1.8

An appointment by an insurance firmG of an appointed representativeG must be the subject of a written contract of agency. This contract must state, inter alia:

(a) The name of the appointed representativeG ;
(b) The name of the licensed principalG ;
(c) That the licensed principalG is responsible for the actions and conduct of the representative concerned when acting or purporting to act under it (without prejudice to any rights to bring actions for damages by the licensed principalG against the appointed representativeG or vice versa);
(d) The type(s) of business for which the agency is granted;
(e) That the appointed representativeG allows full access to the CBB, the licensed principalG and the licensed principal'sG external auditorsG , given reasonable notice, to all records relating to the business falling within its agency;
(f) The terms and conditions for the handling of and accounting for client money, including a statement that the appointed representativeG is acting solely as agent of the licensed principalG in the handling of such money;
(g) The conditions for cancellation, which cannot alter or cancel the continuing responsibility of the licensed firm to take responsibility for the representative's action and conduct (without prejudice to any rights to bring actions for damages by the licensed firm against the representative or vice versa); and
(h) That the appointed representativeG is prohibited from carrying on agencies with other licensed principalsG for the same type of business, in accordance with Paragraph GR-9.1.4, or may do so in accordance with Paragraph GR-9.1.4A, for conventional and Takaful insurance.
Amended: October 2009
Amended: July 2007
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