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Insurance Brokers

Insurance brokers are regulated by the OCI and also form part of the self-regulated body, the Brokers Association of Guyana. See the OCI Register.

An insurance broker is a person who carries on the business of negotiating or arranging contracts of insurance in or from Guyana as the agent of the policy holder or potential policy holder or advising on matters related to insurance agents. A person shall not hold himself as an insurance broker unless he has been properly authorized. Besides, a person shall not act both as an insurance agent and broker at the same time.

A Code of Conduct for Brokers has been issued by the OCI and any complaints with respect to brokers are arbitrated by the Insurance Arbitration Board.

Resources for Insurance Brokers

• Code of Conduct for Brokers as per schedule 4 of Insurance Act 1998
• Registration Form for New Brokers
• Renewal of Regiatration Form for Existing Brokers

Brokers should also familiarise themselves with Sections 81-90 of Insurance Act 1998.