Section 4 in The Insurance Regulatory And Development Authority (Insurance Brokers) Regulations, 2002
4. Functions of a re-insurance broker .-The functions of a re-insurance broker shall include any one or more of the following:-
(a)familiarising himself with the client's business and risk retention philosophy;(b)maintaining clear records of the insurer's business to assist the reinsurer(s) or others;(c)rendering advice based on technical data on the reinsurance covers available in the international insurance and the reinsurance markets;(d)maintaining a database of available reinsurance markets, including solvency ratings of individuals reinsurers;(e)rendering consultancy and risk management services for reinsurance;(f)selecting and recommending a reinsurer or a group of reinsurers;(g)negotiating with a reinsurer on the client's behalf;(h)assisting in case of commutation of reinsurance contracts placed with them;(i)acting promptly on instructions from a client and providing it written acknowledgements and progress reports;(j)collecting and remitting premiums and claims within such time as agreed upon;(k)assisting in the negotiation and settlement of claims;(l)maintaining proper records of claims; and(m)exercising due care and diligence at the time of selection of reinsurers and international insurance brokers having regard to their respective security rating and establishing respective responsibilities at the time of engaging their services.
