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THE BANK OF GUYANA AND PROPER FORM FOR INSURANCE BROKERS (CORPORATE)MAY 201973BANK OF GUYANA INSURANCE SUPERVISION DEPARTMENT SCHEDULE 5 PART Fire. 48(b)FIT AND PROPER FORM FOR INSURANCE BROKERS (CORPORATE) INTRODUCTION PLEASE
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The fit and proper form is a regulatory document used to assess the suitability of individuals to hold certain positions within financial services or similar industries. It evaluates their competence, integrity, and financial soundness.
Individuals applying for key positions in financial institutions, such as directors, senior management, or those in charge of regulated activities, are typically required to file a fit and proper form.
To fill out a fit and proper form, individuals must provide personal details, professional qualifications, work history, and disclosures regarding any criminal records, bankruptcies, or previous regulatory breaches. It may also require references or documentation supporting their claims.
The purpose of the fit and proper form is to ensure that individuals in significant roles within financial institutions are trustworthy, competent, and pose no risk to the integrity of the financial system.
Information reported on a fit and proper form typically includes personal identification details, employment history, qualifications, any disciplinary or regulatory actions, and disclosures of any criminal offences.
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