A full-time intermediary offering a service on the basis of professional expertise and competence. The broker offers advice and arranges the insurance normally as agent for the insured but is usually remunerated by a commission from the insurer. From January 2005, insurance brokers will be regulated by the FSA.
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An individual or firm that acts as agent for an individual, body or firm in arranging insurance cover and in presenting claims under such cover. At present only Lloyd’s brokers may arrange cover directly with or on behalf of underwriters in the underwriting room.