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(Non)Insuring the prospectus can be costly


Michał Kiesiński, Development Director of EIB, for Forbes
 
 



Home page Who is the insurance broker?
 
  Who is the insurance broker?

EIB is a licensed insurance broker (licence No. 502). Being the client’s representative towards the insurers, the insurance broker acts only on behalf of the client, which commissioned the brokerage service. The role of the broker in the relationship between client and insurer is often described as being that of an “insurance advocate.”

Brokerage activities are regulated by the insurance mediation Act of May 22, 2003.

The general nature of brokerage activities is defined in article 4, paragraph 2 of the insurance mediation Act, in according to which the activities of the broker depend on acting in the name of and on the behalf of an entity seeking insurance coverage, consisting of:

  • the conclusion of, or preparation for conclusion of insurance contracts,
  • performing work preparatory to the conclusion of insurance contracts,
  • participation in the management and execution of insurance contracts also in the event of a claim,
  • organising and supervising brokerage activities.

    One of the broker’s basic duties and, at the same time, the essence of a broker’s activity, for which he is responsible to the client, is to advise in writing ( a broker recommendation), based on a comprehensive and reliable analysis of available offers of insurance, sufficient for the elaboration of recommendation of the most appropriate insurance contract and explanation, in writing, of the grounds upon which the recommendation is based (article 26, paragraph 2 in the above-mentioned act).

    The relationship between insurance broker and client is regulated by the brokerage contract and the letter of attorney based on the contract.

    The guarantees of the insurance broker’s independence are, among others, prohibitions listed in article 24 of the insurance mediation act, according to which, the insurance broker may not:
  • pursue agency activities nor perform agency acts,
  • remain in any permanent contractual relationship with an insurance company,
  • be a member of supervisory bodies or managing bodies of an insurance company,
  • hold shares in an insurance company, with the exception of shares released for public trading.

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