1994 Insurance brokers Act

1994 Insurance intermediaries Act describes the roles and responsibilities of insurance brokers. Insurance broker is used directly by an insurance company; Instead, it acts as an intermediary between you and the insurance companies. Premium PaymentsA broker has your bonuses policy to your insurance company to give 50 days. This limit of 50 days begins at the end of your first covered month.Settlement PaymentsIf your insurance settlement on a valid payment claim makes, payment within seven days of receipt to you must pass your insurance broker. When the payment in the form of a check box, it must pass validation for you client immediately.Separate responsibility broker must have a "client insurance brokerage account, which is used specifically to premium pay policy customers your insurance and claims by their ProtectionYou insurance protection clients.Bankrupcy if your broker bankrupt." If you have already paid your rewards to the broker, insurance is responsible for maintaining your coverage in force. If your insurance company has paid a claim on your broker and non payment received, the insurance company is you still probably payment.ConsequencesIf respect the requirements of the Act broker that does not meet payment of premiums to the insurance company and claims payment clients he is responsible for fines of up to $5,000 per incident. A brokerage firm is punishable up to $ 10,000 per incident.