A Dictionary of Business by Unknown

Author:Unknown
Format: mobi

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insurance broker

A person who is registered with the Insurance Brokers Registration Council to offer advice on all insurance matters and arrange cover, on behalf of the client, with an insurer. An insurance broker's income comes from commission paid to him by insurers, usually in the form of an agreed percentage of the first premium or on subsequent premiums. See also Lloyd's.

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Insurance Brokers Registration Council

A statutory body established under the Insurance Brokers Registration Act (1977). It is responsible for the registration and training of insurance brokers and for laying down rules relating to such matters as accounting practice, staff qualifications, advertising, and the orderly conduct and discipline of broking businesses.

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