REGISTRATIONS & LICENCES
Alliance Group believe
The professional foundation to the provision of insurance and financial services is found in the regulatory framework and supervision in place to ensure companies adhere to the highest codes of conduct and practice.
Alliance Group ensure
That these mechanisms are in place to protect consumers and that they and their partners are fully represented and registered to the relevant regulatory body for the provision of certain products and services.
Alliance Group practice
The highest level of international compliance within each subsidiary's standard processes and procedures to ensure the highest levels of professionalism are adhered to.
In accordance with the Insurance Ordinance (Cap. 41), the principal function of the Insurance Authority ("IA") is to regulate and supervise the insurance industry for the promotion of the general stability of the insurance industry and for the protection of existing and potential policy holders. Alliance Insurance Services’ broker license issued directly through the Insurance Authority includes general insurance, long term insurance and investment linked products.
Professional Insurance Brokers Association:
The Professional Insurance Brokers Association, PIBA, was one of the three former Self-Regulatory Organizations (SROs) authorized by the Insurance Authority (IA) pursuant to the Insurance Ordinance (Cap. 41) from 30 June 1995 to 22 September 2019. With effect from 23 September 2019, the IA took over the self-regulatory duties from the three former SROs and acts as the sole regulator in the new regulatory regime for insurance intermediaries. Alliance Insurance Services licenses include general insurance, long term insurance and investment linked products issued previously through PIBA and transferred to the Hong Kong Insurance Authority directly.
Mandatory Provident Fund Schemes Authority:
The MPFA is a statutory body established on 17 September 1998 under section 6 of the Mandatory Provident Fund Schemes Ordinance (“MPFSO”).
The role of the MPFA is to regulate and supervise the operations of mandatory provident fund (“MPF”) schemes and occupational retirement (“ORSO”) schemes and Alliance Insurance Services as an MPF Intermediaries.
Financial Services Commission:
The Financial Services Commission, Mauritius (the ‘FSC’) is the integrated regulator for the non-bank financial services sector and global business. Established in 2001, the FSC is mandated under the Financial Services Act 2007 and has as enabling legislations the Securities Act 2005, the Insurance Act 2005 and the Private Pension Schemes Act 2012 to license, regulate, monitor and supervise the conduct of business activities in these sectors.
Global Business License II is currently held by NowCompare
Financial Services Commission:
The Gibraltar Financial Services Commission regulates the financial services industry in Gibraltar. Their aim is to protect consumers, enhance the reputation of Gibraltar as a quality financial services centre and promote good business. Alliance Group companies are currently seeking registration through the Financial Services Commission in relation to Insurance Intermediary, Lending and Experienced Investor Fund licenses.
Financial Services Regulatory Commission:
The Financial Services Regulatory Commission was established to regulate providers of financial services except for financial services covered by the Banking Act. It is the ultimate regulatory body for anti-money laundering for St. Kitts and Nevis. The Commission for the purpose of carrying out its function is divided into two operational departments, one located in Saint Kitts and the other in Nevis.
Alliance Capital’s partner, Regency Assurance, is regulated as a long-term insurance company.
Issued within the United Arab Emirates, The Ras Al Khaimah Economic Zone (RAKEZ) is licensing authority of Ras Al Khaimah and the primary management of the regulatory environment and framework of international compliance for business operating in the region. Alliance’s “Global Servicing” division is licensed and registered within the Broker category for its Third Party Administration activities relating to insurance and financial services intermediary activity.