Financial institutions often serve many different customers in many different sectors, including customers in sectors with higher inherent integrity risks. The sector in which a customer operates is one of the factors that a financial institution...Read more
Basic authorisation application procedure
When applying for a licence, you should bear in mind the following processing times. The time between submitting your application and receiving our decision differs for each application.
The statutory consideration period for an application to be authorised as an insurer is thirteen weeks. The consideration period will start when we have received your full application. We have learned from experience that the total application processing time tends to be longer than thirteen weeks. This is because the consideration period may be suspended if information is missing, or if your application prompts additional questions. We will then ask you to supply the additional information. Pursuant to the law, the consideration period is suspended and will not re-start until we have received all relevant information. If you do not supplement your application on request, or not sufficiently so, we may decide to cease consideration of your application within four weeks.
The time we need to process your application greatly depends on its quality and completeness, and the supplementary information that you provide. If for any reason we are unable to come to a decision before the set deadline, we will inform you accordingly. Generally speaking, we can say that the better the quality of your submitted application –both content and completeness – the quicker we can process it.
If you are considering submitting an application for a licence, please contact our Expert Centre on Market Access to announce your application and inquire after the expected processing time. You can contact the expert centre by email at: email@example.com.