The financial encyclopedia uses cookies to improve your user experience. Find out more here!




Insurance broker


A person employed to negotiate a contract of insurance. He is agent for both parties but principal for the purpose of receiving payment from the insured. He has a li e n on the policy for the balance due. The Insurance Brokers (Registration) Act 1977 led to the restructuring of the profession of insurance broking.

Reference: The Penguin Business Dictionary, 3rd edt.