The choice of where to
place the business is an ethical one; if the company having dual licences have
(1) Sales persons and (2) Sub-Agents you will note that in the case of (1)
Salesperson; they can only have one employer and whatever products you sell
your salesperson can solicit for you, however you must be transparent and
inform your Salesperson and their clients which hat (Agent or Broker) you are
wearing when informing them of the placement of the insurance. In the Case of
(2) Sub-Agent; this category can only have an agreement with an Agency; so in
this case you are acting in the capacity of an Agent and within the parameters
of the Agency Agreement. You may not
place any piece of business for the Sub-Agent as a Broker as this is not
permissible in accordance to Section 123 (3) of The Insurance Act, 2005. |