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Insurance Broking Practice and the Law

Chapter 2 REMUNERATION AND OTHER RIGHTS OF THE BROKER REMUNERATION Fiduciary duties 2-1 As a preliminary point, reference must be made to the fiduciary relationship between the broker and his principal. The broker is, of course, the agent of his principal and, necessarily, the broker’s duties to his principal are based on principles of agency law. The fiduciary nature of the relationship is considered in chapter 1 . 1 The basic premise is that the broker must act in his principal’s best interests at all times. The broker must avoid conflicts of interest and also inform his principal where any potential for conflict may arise. The broker must also not make a secret profit and must take care to organise his remuneration to ensure that he does not do so. Difficulties may arise where the remuneration structure is not expressly set out. This chapter addresses these issues.

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