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What is the Capital Requirement for a Broker?

posted Jan 7, 2013, 12:26 PM by ICB Administrator

Under Regulation 97, every registered insurance broker, independent and public adjuster, shall maintain at all times a minimum paid up share capital and minimum net assets value of not less than an amount equal to the maximum deductible amount of the broker’s professional indemnity insurance policy or fifty thousand dollars ($50,000.00), whichever is the greater.

What is a Broker?

posted Jan 7, 2013, 12:24 PM by ICB Administrator

According to The Insurance Act, 2005, the definition of a Broker is as follows;
“broker” means a body corporate which acting with complete freedom as to their choice of undertaking and for commission or other compensation bring together, with a view to the insurance or reinsurance of risks, persons seeking insurance or reinsurance and insurance or reinsurance undertakings, carry out work preparatory to the conclusion of contracts of insurance or reinsurance, and where appropriate, assist in the administration and performance of such contracts;

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