How to check an advisor is registered, and where to complain
Trust is good; checking is better, and it takes a few minutes. How to see whether someone is entitled to act as an insurance intermediary, and what to do if something goes wrong.
At a glance
- In Cyprus, insurance intermediaries are entered in a register kept by the Insurance Companies Control Service (ICCS).
- Ask for the name and registration number, and check they match the register, together with the class of business (life or general).
- To complain: first in writing to the insurer or the intermediary; if you are not satisfied, to the Financial Ombudsman.
- Keep copies of everything: applications, policies, messages, replies.
Why checking is worth it
The great majority of insurance advisors do their work professionally. Checking is not a sign of mistrust; it is how you know who you are talking to, which class of business they may handle and in what capacity. A proper advisor will give you their details without a second thought.
How to check registration
- Ask for the details. Full name, registration number, class of business (life or general) and capacity, for example insurance advisor, agent or broker.
- Find the register. The register of insurance intermediaries is kept by the Insurance Companies Control Service (ICCS), on its official website.
- Compare. Do the name, number and class match? For life insurance, the intermediary must be registered for life business.
- If something does not match, ask. It may be a simple change of details. Before you sign or pay, ask for an explanation or contact the ICCS.
A practical sign: premiums are paid in the way the policy and the insurer set out, and every payment leaves a record. If you are asked for something different, ask the insurer itself before paying.
If something goes wrong: complaining
- Talk first. Many issues are settled in a conversation. Note the date and what was said.
- Write to the insurer or the intermediary. A short, clear written complaint: what happened, what you ask for, with copies of documents. Ask for a reference number and a written reply.
- Keep the reply. Every insurer has a complaints procedure; ask how long it will take to reply.
- If you are not satisfied. You can turn to the Financial Ombudsman of the Republic of Cyprus for disputes with financial organisations, and to the ICCS for supervisory matters. Check their official websites for the current conditions and deadlines.
Questions worth asking
- What is your ICCS registration number, and for which class of business?
- In what capacity do you work, and for which insurer or insurers?
- How are premiums paid, and into which account?
- What is the insurer’s complaints procedure, and how long does it take to reply?
What you can do now
- Keep your advisor’s name and registration number in one place.
- Before you sign, check the details in the ICCS register.
- Keep copies of applications, policies, payment receipts and messages.
- If you need to complain, write it briefly and clearly, with dates.
General information, not legal advice. Procedures, conditions and deadlines are set by the competent bodies and may change; always check the current ones on their official websites. The advisor presented on AVRASTRO is registered as a life-insurance advisor, ICCS reg. no. 7854. AVRASTRO is not an insurer.
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