Introduction

The course provides an introduction to the main topics in insurance broking and acts and regulations that are relevant for this business. It may be included in the Insurance exam and is compulsory to be awarded authorization as an insurance broker.

Course content

History
Insurance broking in Norway, development of legislation and other general terms.

Parties: Customer – insurance broker – insurance supplier

The tasks of an insurance broker
Tender documentation
Assessment of offers and recommendations to customer

Contractual relationship between broker and customer and broker and insurance supplier
Content requirements
Entering and terminating agreements
Premium payment
Claims settlement
Brokerage
Business standard for payment for insurance broking

Running insurance enterprises

Ethical guidelines adopted by the Insurance broker association

Legal issues:
General topics
Doctrine of sources of law
Constitutional law
Insurance broking act
Enterprise requirements for being registered with the Financial Supervisory Authority of Norway.
Requirements for generally accepted broker principles
Management of client funds
Duty of disclosure to customers
Contract law
Basic principles
Contract formation
Power of attorney
Law of insurance
Public regulation and supervision of the insurance business
Premises for the company’s liabilities
Identification
Third-party insurance
Law of torts
Basic principles
Terms for liability at law – basis of liability
Cause and effect relationship
Theory of conditions and main causes

Other topics
Broking of marine insurances – distinguish from non-marine insurances
Broking of reinsurance

Disclaimer

This is an excerpt from the complete course description for the course. If you are an active student at BI, you can find the complete course descriptions with information on eg. learning goals, learning process, curriculum and exam at portal.bi.no. We reserve the right to make changes to this description.