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;