Page 138 - Reinsurance Management IC85

The Insurance Times

Slip is prepared in consultations with the broker and
goes around the reinsurance market worldwide
informing the risk and seeking for cover. Expertise
and services of intermediary are even more
acknowledged when there are more than one
reinsurer insuring the risk and flow of information to
lead insurer becomes vital.

It is the duty of the broker to collect premium
and distribute to the participating reinsurers. He
is also responsible for recovery of claims from
all these reinsurers. In absence of broker the
insurer is burdened by these administrative
works in addition to his normal insurance
business.

Broker advices on the preparation of any wording
for the reinsurance arrangement and obtaining the
agreement of all the parties concerned.

In placement of top surplus, selection of reinsurer
requires great deal of care. Financial soundness,

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