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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;