What is one of the main regulatory focuses of the Insurance Act concerning insurance intermediaries?

The main regulatory focus of the Insurance Act concerning insurance intermediaries emphasizes the renewal of their licenses. This regulatory requirement is crucial as it ensures that intermediaries, such as agents and brokers, operate under appropriate qualifications and adhere to ongoing compliance with the law and ethical standards set by regulatory authorities.

By requiring the renewal of licenses, the regulatory framework seeks to maintain a standard of professionalism and accountability in the insurance industry. This helps protect consumers by ensuring that intermediaries are up-to-date with regulatory changes, training, and market practices. Licensing renewal processes often include assessments of the intermediary's prior conduct, financial responsibility, and fulfillment of educational requirements, thereby reinforcing a competent and trustworthy insurance marketplace.

While aspects such as the collection of premiums, claims processing, and marketing standards are important in the operation of insurance intermediaries, the direct regulatory oversight and emphasis from the Insurance Act focus on licensing to promote the responsible and ethical functioning of these professionals.