("Insurance agent" refers to the institution or individual that collects commission from the insurer and handles insurance business on behalf of the insurer within the scope authorized by the insurer)
Insurance broker, according to Article 118 of China's Insurance Law, an insurance broker is an institution that provides intermediary services for the insured to conclude an insurance contract with the insurer based on the interests of the insured and collects commissions according to law. (Note: Including insurance brokerage companies and their branches. )
Basic introduction
According to the current insurance law, it refers to the institutions that provide intermediary services for the insured to conclude an insurance contract with the insurer based on the interests of the insured, and collect commissions according to law, including insurance brokerage companies and their branches. Insurance brokers must have certain insurance professional knowledge and skills, be familiar with the rules, composition and market conditions of the insurance market, design insurance plans for the insured, and negotiate insurance agreements with insurance companies on behalf of the insured. Insurance brokers do not guarantee the solvency of insurance companies, nor are they legally responsible for compensation and refund, but they are responsible for paying premiums to insurance companies. If the broker's fault in handling insurance business causes losses to the applicant and the insured, the insurance broker shall be liable for compensation. The broker's activities objectively attract business for the insurance company, so its commission shall be paid by the insurance company according to a certain proportion of the premium.
origin
Insurance brokers have a long history. In the17th century, Britain has now become a worldwide industry, but it is still in its infancy in China and has developed rapidly in recent years. Insurance brokers should have high professional quality, so there are strict qualification requirements for them internationally. The establishment of an insurance broker within the territory of China must be reported to the China Insurance Regulatory Commission for approval, and the personnel engaged in insurance brokerage business must take the insurance broker qualification examination and obtain the qualification certificate.
Reinsurance broker
In the reinsurance market, there are reinsurance brokers, that is, people who arrange for the original insurer to provide intermediary services and collect commissions according to law based on the interests of the original insurer. Reinsurance broker refers to an insurance brokerage institution entrusted by a reinsurance ceding company to provide intermediary services for the reinsurance business of the reinsurance ceding company and the reinsurance ceding company, and collect commissions according to the agreement.