UK: A ‘middleman’ through whom the insurance is arranged.
***
US: A reinsurance broker who negotiates contracts of reinsurance on behalf of the reinsured, usually with those reinsurers that recognize brokers and pay them commissions on reinsurance premiums ceded. The intermediary also acts as a conduit through which communications between the insurer and reinsurer are passed, including the payment of premiums by the reinsured to the reinsurer and the collection of losses for the reinsured from the reinsurer.
***
REINSURANCE: A third party (usually a Reinsurance Broker) in the design, negotiation, and administration of a reinsurance agreement. Intermediaries recommend to cedant the type and amount of reinsurance to be purchased and negotiate the placement of coverage with reinsurers.
***
A third party in the design, negotiation, and administration of a reinsurance agreement. Intermediaries recommend to cedants the type and amount of reinsurance to be purchased and negotiate the placement of coverage with reinsurers. At Lloyd’s of London, called a broker. See Brokerage market and Direct market.
***
UK: an agent or broker through whom a contract is arranged.
***
Any person who, or organization which, gives advice by way of directly offering, advertising or on a person-to-person basis in respect of an insurance product and includes the promotion of such a product or the facilitation of an agreement or contract between an insurer and a customer. Intermediaries are generally divided into several classes. The most common types are “Agents” (which generally include Corporate Agents and sub-agents) who represents the insurer and “Brokers” who represent the buyer in dealings with the insurer. (ii) A reinsurance broker who negotiates contracts of reinsurance on behalf of the insured. These Transactions normally take place with those reinsurers that recognize brokers and pay them commissions on reinsurance premiums ceded.
***
MEDICAL,USA,REFERENCE: See: fiscal intermediary (FI) .