TaxTMI 
TaxTMI 
Functions and activities of Insurance Intermediary
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....k management services or other similar services; (ii) The insurance broker can undertake this activity only for commercial risks based on the written confirmation from client for those fees; (iii) The Insurance broker cannot receive both the remuneration and reward and fees for the same risk management services; (iv) The insurance broker shall obtain a written mandate from the client to offer risk management services and shall keep a record of risk management services offered to the client which will include details such as name of the client, place of risk, nature and type of risk management services undertaken, amount of fee charged from the client and basis of fee charged, etc. (v) The insurance broker may charge fee for such other similar services as may be mutually decided between the insurance broker and the client. (vi) In case the insurance broker does not have the necessary skills and resources, it may engage external experts or specialists for undertaking the risk management services or such other similar services. (vii) In such case the insurance broker shall inform the client and shall keep a record of the risk manag....
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.... (a) Each of the co-brokers on a reinsurance placement shall also be responsible to ensure that these regulations are complied with by them and also by other insurance brokers engaged by them. (b) Where a reinsurance placement is co-broked with other reinsurance brokers not registered with the Authority, the registered broker shall only use reinsurance cobrokers who agree to comply with the requirements of these regulations and shall be responsible to secure compliance with these regulations or other guidelines to the extent applicable, by the other co-brokers. (c) The insurer will be guided by the instructions of the client with regard to payment of remuneration to each co-broker for their share or to the lead co-broker who will then be responsible to pay the other co-brokers. (d) The name and other particulars of the foreign reinsurance co-broker shall be disclosed to the insurer. (4) Any other function as may be specified by the Authority. 2. Specific functions of direct insurance broker- (1) A direct insurance broker shall additionally undertake the following activities and functions: (i) Providing requisite underwrit....
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....no corporate agent shall promise nor will be compelled by the insurer to distribute its products, and no arrangements shall be made against the interests of policyholders; (c) Arrangements shall have provisions to include duties and responsibilities of corporate agents towards the policyholders, duties and responsibilities of insurers and corporate agents, terms and conditions for termination of arrangement; (d) In case a corporate agent or insurer wishes to terminate arrangement with any insurer or a corporate agent, they may do so after informing the insurer or corporate agent, respectively, and the Authority, the reasons for termination of arrangement. (e) In case of termination as mentioned in (iv) above, the corporate agent or insurer, as the case may be, shall service the policies till the expiry of the policies, or six (6) months, whichever is earlier. (f) No insurer shall pay and no corporate agent shall receive any signing fee or any other charges by whatever name called, except those permitted by the Authority under these regulations for becoming its corporate agent; (g) No insurer shall directly pay incentives to the principal....
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.... the admissibility of the loss as also observance of warranty conditions under the policy contract; (ix) surveying and assessing the loss on behalf of insurer or insured; (x) assessing liability under the contract of insurance; (xi) pointing out discrepancy, if any, in the policy wordings; (xii) satisfying queries of the insured/insurer and of persons connected thereto in respect of the claim/loss; (xiii) recommending applicability of depreciation, percentage and quantum of depreciation; (xiv) giving reasons for repudiation of claim, in case the claim is not covered by policy terms and conditions; (xv) taking expert opinion, wherever required; (xvi) commenting on salvage and its disposal wherever necessary. (3) A surveyor or loss assessor whether appointed by insurer or insured, shall submit its report to the insurer as expeditiously as possible, but not later than thirty (30) days of its appointment, with a copy of the report to the insured giving its comments on the insured's consent or otherwise on the assessment of loss. (4) In circumstances due to its special and complicated nature, the surveyor shal....