Who are Insurance Brokers?

• Full time professional Organisation (a company).
• Must be corporatised and licensed by the Insurance Regulator i.e. Bank Negara Malaysia.
• Insurance qualification, practical experience, professional indemnity insurance.
• Paid up capital - RM500,000 (min).
• Act on behalf and fulfill many other functions/requirements of clients (insured).
• Source for competitive rates, advice, recommend necessary coverage/needs and administer and arrangement of insured insurance program.
• Collect premiums on behalf of insurer.
• Assist and advise in event of claims.
• Earns brokerage and/or professional fees.
• Register with the IBAM.
• Constant training and upgrading professionalism.
• Nos. of licensed Insurance Brokers - 37

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