ORIAS (French register of insurance intermediaries)
The body that keeps the single register of insurance, banking and finance intermediaries in France, where every broker, agent or tied intermediary must be registered before operating, after its eligibility conditions are checked.
ORIAS has kept since 2007 the single register of intermediaries in insurance, banking operations and crowdfunding in France. No one may carry on insurance intermediation without being registered in one of the categories provided: broker, general agent, insurance representative, intermediary's representative. Registration requires meeting conditions checked by the body: good repute, professional competence through a diploma, experience or training, professional liability insurance and, for intermediaries handling client funds, a financial guarantee. It is renewed every year. The register is public, allowing any client to check that a contact is authorized to present a contract. It also serves the European passport, since a registered intermediary may operate in other member states after notification. Substantive supervision of the activity rests with the prudential supervisor; ORIAS is its administrative gateway. For an underwriter, checking the registration of a producing intermediary is part of minimum due diligence, because accepting business from an unregistered intermediary exposes the insurer itself.
Textbook case: before signing a distribution agreement with a new wholesale broker, an insurer checks on the public register that the broker is registered in the broker category, that its professional liability insurance is current for the year and that it holds the financial guarantee required to collect premiums.
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