Various Regulatory Aspects of Insurance Brokerage

Document Type : Research Article

Authors

1 Associate Professor, Law Department of Tehran University

2 Master in Oil & Gas Law from Tehran University

Abstract

Nowadays, insurance intermediaries, especially insurance brokers, who act as a bridge that connects insurers to insureds, have a salient role in the development of insurance industry. Insurance brokers select the best possible portfolio of insurance products for their clients in insurance market. This leads insurers to promote further the variety of their insurance products and, in turn, enhancing their sale. It is inevitable to regulate insurance brokers in order to protect customers against their misconduct and misrepresentation. In this article, the assumed theory is based on the fact that regulation of insurance brokerage’s relationships cannot merely based on private law principles, so there is a need to intervene public law to regulate them. In this study, introducing the functions of insurance brokers and their benefits, various regulatory aspects of insurance brokerage are presented and investigated considering examples from other countries and Iran

Keywords

References

1- هادی‌فر، داوود (1389). نهادهای حقوقی تنظیم‏مقررات، ساختار و سازوکار اجرایی، انتشارات عترت چاپ.
2- باقری، محمود (پاییز و زمستان 1385). اقتصاد مبتنی بر بازار و کاستی‌های حقوق خصوصی، مجله پژوهش حقوق‏وسیاست، شماره 19، 41-88.
3- باقری، محمود؛ رحمانی، سعید (تابستان 1395). انحصار و رقابت در صنعت‏بیمه، فصلنامه برنامه‌ریزی و بودجه، سال بیست‏ویکم، شماره 2، 67-94.
4- قرتکینی، فرزانه (1376). بررسی عوامل موثر بر کارایی دلالان رسمی بیمه، فصلنامه صنعت‏بیمه.
5- آیین‌نامه شماره 6: آیین‌نامه کارگزاری (دلالی) رسمی بیمه‏مستقیم، شورای‌عالی‏بیمه، 1352.
6- آیین‌نامه شماره 92: آیین‌نامه کارگزاری (دلالی) رسمی بیمه‏مستقیم، 1394.
 
7- Carolan M.T., O’neill W.C., and kinnery T.J. (2018), United States Chapter. In: “Insurance and Reinsurance Law Review”, By: Rogan P., Law Business Research Ltd., 6th edition.
8- Gerber D., Hine C. (2018), Australia Chapter. In: “Insurance and Reinsurance Law Review”, By: Rogan P., Law Business Research Ltd., 6th edition.
9- Australia in the Asian Century: Country Strategies, National Insurance Brokers Association of Australia.
10- Australian Securities and Investments Commission (June 2005), Insurance broker remuneration arrangements, Report 42.
11- Bennett B. (2011) Insurance Brokers, Pricewaterhouse Coopers.
12- Chartered Insurance Institute, The Role of an Insurance Broker: Made Simple. Available at:
www.askciindy.com/media/1452/role_of_an_insurance_broker_made_simple-1.pdf (Accessed in 2018/8/7).
13- Cummins J.D., and Doherty N.A. (2005), The Economics of Insurance Intermediaries, University of Pennsylvania, Wharton School.
14- Deloitte CIS Research Centre (2016), Global insurance broking: Oil and gas industry, Moscow.
15- Eckardt M. (2002), Agent and Broker Intermediaries in Insurance Markets – An Empirical Analysis of Market Outcomes. Working Paper No. 34.
16- Eckardt M. (2006), The Quality of Insurance Intermediary Services – An Analysis of Conduct and Performance in the German Market of Insurance Intermediation. Working Paper No.58.
17- Insurance Information Institute, Background on Insurance Intermediaries, 2004.
18- London Economics (2011), The contribution of insurance brokers to the UK economy
19- London & International Insurance Brokers Association (LIIBA), and Young Global Limited, a UK company (EY) (2018), Regulation for insurance intermediaries across the European Union.
20- Maas P. (2006), How Insurance Brokers Create Value – A Functional Approach, Working Papers on Risk Management and Insurance No. 27, University of St. Gallen, Institute Insurance Economics.
21- Norton Rose Fulbright (2017), 2017: Insurance regulation in Asia Pacific: Ten things to know about 20 countries.
22- Peleckiene V., Peleckis K., Dudzeviciute G., Lapinskiene G. (2017), Changes of Insurance Intermediaries Regulation in the EU Countries, Proceedings of the 2017 International Conference “Economic Science for Rural Development” No 46 Jelgava, LLU ESAF.
23- Russignan L., Kachwalla Z., Kumar N. (2017) Insurance opportunities in the Middle East, EY Global Insurance Analyst.
24- Submission to the Australian Government Treasury Consultation Paper on Parliamentary Joint Committee on Corporations and Financial Services Inquiry Recommendations to Lift the Professional, Ethical and Education Standards in the Financial Services Industry, National Insurance Brokers Association of Australia, May 2015.
25- World Federation of Insurance Intermediaries (2002), WFII principles: Regulation on insurance intermediaries.
26- Law of the Russian Federation on Insurance Business.
27- The General Insurance Brokers’ Code of Practice, Australia.
28- Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations, 2017.
29- The Insurance Brokers Code of conduct Directive No. SIB/011/1995.
Iranian Journal of Public Policy
Volume 5, Issue 3
2018
Pages 270-289

Files

Share

How to cite

Statistics