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If I am a Company with dual licences (Agent & Broker) I have Salesperson working for me and I have Sub-Agents as well, if a either of them come to me to place a business how do I place it ; as an Agent or Broker?

posted Jan 7, 2013, 12:34 PM by ICB Administrator
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.