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{
    "id": 877452,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/877452/?format=api",
    "text_counter": 364,
    "type": "speech",
    "speaker_name": "Endebess, JP",
    "speaker_title": "Hon. (Dr.) Robert Pukose",
    "speaker": {
        "id": 1458,
        "legal_name": "Robert Pukose",
        "slug": "robert-pukose"
    },
    "content": " Thank you, Hon. Temporary Deputy Chairlady. I beg to move: THAT, Clause 2 of the Bill be amended─ (a) in paragraph (a) by inserting the following definitions in the proper alphabetical sequence- “independent agent” means a person who not being a salaried employee of an insurer or reinsurer and in consideration of a commission solicits or procures insurance business for one or more insurers, brokers or insured persons; “tied agent” means a natural person who not being a salaried employee of an insurer or reinsurer and in consideration of a commission solicits or procures insurance business for a single insurer or single insurance group and owes a fiduciary duty to the insurance company or insurance group. (b) by inserting the following new paragraphs immediately after paragraph (b) – (c) by deleting the definition of the term “broker” and substituting therefor the following new definition— “broker” in relation to an insurer or reinsurer means a person: (a) who carries on the business of arranging contracts of insurance whether or not the business is the person’s principal business or is carried on in connection with any other business; (b) who is not the employee of the insurer or reinsurer; (c) who is not appointed, under a signed agreement as the agent for the insurer for the purposes of receiving money due to the insurer from the insured or from the insured to the insurer; and (d) whose fiduciary duty is to the client. (d) by deleting the definition of the term “intermediary” and substituting therefor the following new definition— “intermediary” means a broker, an independent agent or tied agent. The amendment seeks to create clarity in the definition of the term “agent”. As it is, the Act just defines the term “agent”, but does not create clarity or distinguish the different types of agents who currently exist in the market, being an independent agent or a tied agent. The inclusion of the term “independent agent” is also important as independent agents are agents who do not work for a single insurer, but for many. This will ensure that insured persons are not being confined to products from one insurer and insured persons will certainly have a variety to choose from. On the other hand, independent agents have the freedom to decide which insurers they want to work with. Tied agents are agents working for one insurance company. This also advantages a person who can choose to be a tied agent. This allows for specialisation on products to be offered to insured persons by the tied agent as he or she gets to learn one company’s products, policies and guidelines. The electronic version of the Official Hansard Report is for information purposes only. Acertified version of this Report can be obtained from the Hansard Editor."
}