WHAT IS AN INSURANCE BROKER?

According to Private Insurance Law 146-02 of the Dominican Republic, an insurance broker is the person or entity authorized by the Superintendent of Insurance for representing an applicant for insurance, involved in all sorts of insurance contracts, receiving one and only pay a commission agreed with the insurer.

The essence of this law is as follows: to protect the insured, because insurance are financial products with a high level of technical complexity, which is why the broker should serve as advisor to the client in the insurance contract and thus to equalize the expertise of both parties: insurer and insured. 

Insurance is a noble product, complex, which is inserted into the grassroots economy and preserves the heritage of the people and businesses to ensure stability of the economy in times of crisis.

The positive law of the world regarding the activity of the Insurance Broker seeks in its objectives to allow the insurance intermediary to be performed only by people with knowledge of the law governing insurance contracts, with total devotion to his profession, in addition to complete independence.

For these reasons, the profession of Insurance Brokers is based on three pillars of great importance for society and for the insurance market: