Insurance broker

An insurance broker sources (brokes) contracts of insurance on behalf of their customers.

Insurance brokerage in the UK

The term Insurance Broker became a regulated term under the Insurance Brokers (Registration) Act 1977www.biba.co.uk (retreived 19th July 2006) which was designed to thwart the bogus practices of firms holding themselves as brokers but in fact acting as representative of one or more favoured insurance companies.

Insurance brokerage is largely associated with general insurance (car, house etc.) rather than life insurance, although some brokers continued to provide investment and life insurance brokerage until the onset of more onerous Financial Services Authority regulation in 2001.

Insurance broking is carried out today by many types of organisations including traditional brokerages, Independent Financial Advisers (IFAs) and telephone or web-based firms.

References

See also

*List of Acts of Parliament of the United Kingdom Parliament, 1960-1979
*Financial adviser

External links

* British Insurance Brokers' Association
* Financial Services Authority