A figure that is gaining popularity within the insurance sector is that of the collaboration of the insurance broker. This figure as such is not new, since it refers to what was previously known as auxiliary insurance. LOSSEAR unified the figure of advisory assistant and external assistant in the figure of collaborator. With the new law, the function of the collaborator and the possible advice of him will be established in the contract between both. In this article we explain what a collaborator of an insurance broker is.
The new figure of the collaborator of an insurance mediator
It is Law 20/2015, of July 14 , on organization, supervision and solvency of insurance and reinsurance entities (LOSSEAR) modifies the figure of the advisory assistant and that of the external assistant, unifying both figures in the figure of the collaborator, modifying the text of the Law of Mediation . After the modification, said Law, in article 8, establishes that insurance mediators may enter into commercial contracts with external collaborators who collaborate with them in the distribution of insurance products, acting on behalf of said mediators under their responsibility and direction, in the terms freely agreed upon by the parties.
The same article clarifies that external collaborators will not have the status of insurance mediators and that they will carry out their activity under the direction, responsibility and financial capacity of the insurance mediator for whom they act.
In addition, this same article establishes that collaborators must identify themselves as such and also indicate the identity of the mediator on behalf of whom they act. At this point, the Law specifies that, depending on the commercial contract with which the collaborator has signed with the mediator, the collaborator must provide the policyholder with all or part of the information that the mediator must offer, without the policyholder stop receiving the complete information.
The aforementioned article 8 of the Mediation Law, after its modification, also establishes that insurance mediators must keep a record book in which they will record the personal identification data of external collaborators, indicating the date of registration and, where appropriate, the discharge, which will be subject to the control of the General Directorate of Insurance and Pension Funds.
Finally, this article establishes that an external collaborator of an insurance mediator may not collaborate with other insurance mediators of a different class than the one who hired him in the first place. Furthermore, if you are an external collaborator of an exclusive agent, you may only collaborate with other exclusive agents of the same insurance company.
How to work as a collaborator of an insurance broker
To be a collaborator of an insurance mediator, it is necessary to have a specific minimum qualification to work in the insurance sector. In fact, there are accreditation courses as an expert approved by the General Directorate of Insurance and Pension Funds.
In this sense, there are three certification groups: A, B and C. Specifically, the collaborators of the mediators need, at least, to have a qualification from Group B.
Other articles of interest
- What is an insurance agent: definition and types
- Liability insurance for insurance brokers and agents
- What are the differences between an agent and an insurance broker?
- Modification introduced by LOSSEAR in the Insurance Contract Law
- What is cheaper: take out insurance with a direct insurer or with a mediator
- Reflections on the insurance sales business of banks