Licentiate Examination - IC 14 - Regulation of Insurance Business Exam - Important Points
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Direct Broker - Acting as an intermediary between the insured and the insurer
Reinsurance Broker - Acting as an intermediary between the insurer and reinsurer
Composite Broker - One who acts as Direct Broker as well as Reinsurance Broker
Capital Requirement - Direct Broker - 75 Lakhs, Reinsurance Broker - 4 Crores, Composite Broker - 5 Crores
There is a ceiling on the proportion of business that insurance brokers and corporate agents can obtain from a single organization or person. No such ceilings (proportion of business from a single client) are applicable for individual agents.
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