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Role of Insurance Broker

Insurance Regualtory & Development Authority (Insurance Brokers) Regulation 2002

The  functions of a direct broker shall include any one or more of the following:

  1. Obtaining detailed information of the client's business and risk management philosophy;
  2. Familiarising himself with the client's business and underwriting information so that this can be explained to an insurer and others;
  3. Rendering advice on appropriate insurance cover and terms;
  4. Maintaining detailed knowledge of available insurance markets, as may be applicable;
  5. Submitting quotation received from insurer/s for consideration of a client;
  6. Providing requisite underwriting information as required by an insurer in assessing the risk to decide pricing terms and conditions for cover;
  7. Acting promptly on instructions from a client and providing him written acknowledgements and progress reports;
  8. Assisting clients in paying premium under section 64VB of Insurance Act, 1938 (4 of 1938);
  9. Providing services related to insurance consultancy and risk management;
  10. Assisting in the negotiation of the claims; and
  11. Maintaining proper records of claims;