The insurance broker is a figure operating on behalf and in the interest of the Assured who receives an appointment to give advice for every matter concerning insurance and who, not being tied to this or that Company, is able to “sound out” the vast and many faceted insurance market adequately and identify, for each type of policy, the Company willing to apply the most favourable conditions for their Client.
The broker is to be distinguished from the Agent as he does not “sell” polices, but a service of insurance advice.
The activity of the broker is governed by D. L. no. 209 dated 07.09.2005 which set up a specific Registry whose strict requirements for enrolment are controlled and certified by ISVAP.
This law, given the delicate functions performed by the broker, also sets forth a special form of protection for Clients as they are guaranteed against any professional errors both by an adequate insurance policy and a special “Guarantee Fund” managed by CONSAP.
Brokers enrolled in AIBA must abide by the Code of Conduct approved by the association.
The broker service is, according to international practice, free of charge as their professional services are compensated by the commissions paid to them by the Insurance Companies.