insurance broker/agenta person or firm that acts as an intermediary in bringing together clients seeking INSURANCE cover and INSURANCE COMPANIES offering suitable policies. In some cases the agent may be employed by a particular insurance company to sell insurance policies on its behalf and handle claims, receiving a commission on sales. Alternatively, insurance brokers may act as independent intermediaries who negotiate with a number of insurance companies on behalf of clients. Insurance brokers are regulated by the FINANCIAL SERVICES AUTHORITY in accordance with various standards of good practice laid down under the FINANCIAL SERVICES ACT 1986.
Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005