In this Act, unless the context otherwise requires,—, arrange, in relation to contracts of insurance, includes negotiating, soliciting, or procuring any such contract, broker, in relation to an insurer, means a person—, who carries on the business of arranging contracts of insurance (whether or not the business is the person’s principal business or is carried on in connection with any other business); and, who is not the employee of the insurer; and, who is not appointed, under a signed agreement, as the agent for the insurer for the purposes of receiving money due to the insurer from the insured and due to the insured from the insurer, contract of insurance includes a proposed contract of insurance, insurance broking client account means an account established and maintained in accordance with section 14, who for reward arranges contracts of insurance in New Zealand or elsewhere; and, who does so as the employee of or agent for 1 or more insurers or as the agent for the insured; and, insured means any person who has entered into, or who proposes to enter into, a contract of insurance with an insurer, and includes any person who is entitled to the whole or part of the benefit of the contract of insurance, insurer, in relation to a contract of insurance, means the person by whom or on whose behalf the risk, or a part of the risk, to which the contract relates is accepted, person includes a body of persons whether incorporated or not, premium includes an instalment of a premium. Insurance brokers are full-time professional intermediaries who act on behalf of potential policyholders. 3. Compare: Insurance (Agents and Brokers) Act 1984 s 26(4)–(8) (Aust). These Regulations may be cited as the Insurance (Intermediaries) Registration Regulations, 201X. Register of insurance agents 3.97 44. (1) For the purposes of section 35Y (1) (b) of the Act, an applicant who intends to be registered as a direct insurance broker, a general reinsurance broker or a life reinsurance broker shall have a paid-up share capital of an amount not less than $300,000. The primary aim of the New Act is to promote greater professionalism in the insurance industry and enhance protection for the insuring public. We use cookies on this site to enhance your user experience. Laws, c. 69, § 1.; § 1602 Definitions. then, for the purpose of the application of section 10 to the broker, notification by the broker to the intermediary shall be taken to constitute notification by the broker to the insurer. For the purposes of this Act, any person who is appointed, under a signed agreement, as an agent of the insurer shall be deemed, unless the agreement states otherwise, to be appointed, under that agreement, as an agent of the insurer for the purposes of receiving money due to the insurer from the insured and due to the insured from the insurer. showing the law as at 1 January 2013 . A disintermediary often allows the consumer to interact directly with … 1. A license issued to a corporation shall authorize all of the officers, and any designated employees and directors thereof to act as reinsurance intermediaries 1. An insurance intermediary acts as a bridge between the insurance provider and the end customer. 1 ISA). Section 17(2): amended, on 5 December 2013, by section 14 of the Companies Amendment Act 2013 (2013 No 111). However, the carrying-on of any ancillary investment-type activities may require a separate registration pursuant to the Investment Intermediaries Act 1995 or pursuant to the MiFiD Regulations. Compare: Insurance (Agents and Brokers) Act 1984 s 9 (Aust). 4 Payment by insured to intermediary to be discharge of insured's liability to insurer. The prudential supervision of (re)insurance intermediaries, registered or enrolled in accordance with Insurance Distribution Act carrying on insurance distribution activities in or from Malta, including in EU/EEA Member States, through a branch (FOE) and/or under freedom of services (FOS); Ensuring that insurance intermediaries registered or enrolled under the Act comply with the provisions of the insurance distribution legislation ; Exercising its powers of intervention in the circumstances and as set out in the Insurance Distribution Act. INTERMEDIARIES under THE INSURANCE ACT-2005 AND INSURANCE REGULATIONS - 2010 1. In exercising its functions and duties under the Act, MFSA is required by Law to take into account a European Union dimension. Section 18 of the Legislation Act 2012 provides that this reprint, published in electronic form, has the status of an official version under section 17 of that Act. Insurance intermediaries assist in the placement and purchase of insurance, as well as provide services to insurance companies and consumers that complement an insurance transaction. Every broker commits an offence who, without reasonable excuse, fails to comply with this section and is liable on conviction,—. As a consequence of the same, the Government of India notified Indian Insurance Companies (Foreign Investment) Rules, 2015 on 19 th February, 2015 applicable to Insurance Brokers, Third Party Administrators, Surveyors and Loss Assessors and other insurance intermediaries appointed under the provisions of the Insurance Regulatory and Development Authority Act,1999. In these Regulations− Insurance Code Insurance CHAPTER 16. Section 17(1)(c): amended, on 3 December 2007, by section 445 of the Insolvency Act 2006 (2006 No 55). An insurance intermediary can also carry out certain specified activities e.g. 1. Grounds for cancellation ofremation 77. Date of Commencement: 31st December 1999. If, upon the realisation of any investment, the amount received in respect of the realisation is less than the amount invested, the broker shall pay into the account from which the money was withdrawn for investment an amount equal to the difference between the amount invested and the amount received. Compare: Insurance (Agents and Brokers) Act 1984 s 27(10), (11), (12) (Aust). Section 8(4): amended, on 1 July 2013, by section 413 of the Criminal Procedure Act 2011 (2011 No 81). This Act may be cited as the Insurance (Agents and Brokers) Act … A broker may establish and maintain 1 or more insurance broking client accounts outside New Zealand with 1 or more overseas financial institutions. Any money paid by or on behalf of an insurer to an insurance intermediary, whether in respect of a claim, return of premiums, or otherwise, under or in relation to any contract of insurance shall not discharge the liability of the insurer to pay that money to the insured.
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