The Broker is different from other forms of insurance intermediaries cause he has absolute independence from companies with which he interacts, working in the client /mandator interests and provides advice and assistance upon specific assignment. The client can then rely on an insurance consultant who, without any restriction, identifies european companies, analyzing features, terms and conditions of products, with the sole aim of identifying the most suitable solution to meet the task conferred.
Only members registered in the Rui held by Ivass are authorised to carry on the mediation activity; essential condition for the registration of natural persons or legal representatives of the company is that the integrity requirements indicated in art. 110 co 1 of cap are fulfilled.
In order to be registered the broker must also take out professional indemnity insurance for any damage caused by negligence or errors (art. 110 co 3), as well as become member of the Guarantee Fund set up within Consap to pay compensation for financial demage to policyholders and insurance or reinsurance undertakigs arising from the exercise of the activity of insurance or reinsurance broker (Article 115).
