Section 3 in The Insurance Regulatory And Development Authority (Insurance Brokers) Regulations, 2002
3. Functions of a direct broker .-The functions of a direct broker shall include any one or more of the following:-
(a)obtaining detailed information of the client's business and risk management philosophy;(b)familiarising himself with the client's business and underwriting information so that this can be explained to an insurer and others;(c)rendering advice on appropriate insurance cover and terms;(d)maintaining detailed knowledge of available insurance markets, as may be applicable;(e)submitting quotation received from insurer/s for consideration of a client;(f)providing requisite underwriting information as required by an insurer in assessing the risk to decide pricing terms and conditions for cover;(g)acting promptly on instructions from a client and providing him written acknowledgments and progress reports;(h)assisting clients in paying premium under section 64-VB of Insurance Act, 1938 (4 of 1938);(i)providing services related to insurance consultancy and risk management;(j)assisting in the negotiation of the claims; and(k)maintaining proper records of claims.
