UAE – Agreement between licensed brokers and intruders
Friday, 09 18 2015, Category: Insurance and Reinsurance, Country: U.A.E
Some intermediaries are abusing the insurance sector by issuing contracts and policies under the name of licensed brokers in order to obtain commissions to which they are not legally entitled.
Officials in the sector said that unprofessional licensed brokers contribute to this practice which is against insurance regulations in order to obtain easy liquidity without effort.
They clarified that granting these intermediaries direct insurer commissions is illegal and cannot be executed without the help of a licensed broker, considering that insurance companies are listed in the stock markers and under pressure from a more rigorous regulation compared to brokers.
Source: Al Roeya