Several thousand banking and insurance brokers have not renewed their license this year, failing to comply with the new obligation to join a professional association, Orias, the association responsible for its approval, announced on Friday.
The professional registration commission, which met on Friday, only renewed 103,096 registrations out of the 116,625 requested, indicates this body in charge of keeping the register of insurance, banking or crowdfunding intermediaries. At 88.4%, the renewal rate is lower than last year’s 95%.
In question, some 7,000 or 8,000 intermediaries “did not present a certificate of membership in an association in their files,” explains Orias. However, since a reform that came into force last year, insurance and banking brokers are now required to join a professional association in order to continue practicing.
The ACPR sounded the alarm two months ago
In mid-February, the banking police, the Prudential Resolution and Control Authority (ACPR) sounded the alarm by calling on the profession to comply with the new rule. Orias, who has been warning about the issue since the beginning of the year, had even postponed the annual registration period for these regulated professionals by one month, until the end of March.
Insurance brokers, banking transactions and payment services and their agents must renew their registration in Orias every year before March 1 and prove a certain number of documents (insurance certificate, diploma or training, for example).
The Parapublic Organization specifies, however, that after “compliance with the intermediation reform”, intermediaries who have not been successful may submit a new registration application.
Source: BFM TV
