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Legal - Broker remuneration: are you avoiding the pitfalls?
(From Reinsurance)
This article highlights the legal and regulatory issues that arise in this developing area, the extent to which issues still remain unresolved by the English courts, and how the parties involved can seek to circumvent this uncertainty.
Conflicts of interest and disclosure
A broker is an agent of the (re)insured, and by virtue of this relationship owes him fiduciary duties1. The broker is under a duty to act in his principal's best interests. This duty requires that the broker must avoid any conflicts of interest. Where such a conflict of interest may arise, the broker must inform the principal of any potential for conflict. ...
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