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MHLM/SCM/27/2023/2024 REQUEST FOR PROPOSAL FOR THE APPOINTMENT OF INSURANCE BROKER TO MANAGE THE SHORTTERM INSURANCE COVER OF MUNICIPAL ASSETS FOR A PERIOD OF THREE (3) YEARSINVITATION TO TENDERTenders
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The appointment of an insurance broker is a formal agreement between an insurance company and a broker, granting the broker the authority to represent the insurer in promoting and selling insurance products.
Insurance companies and brokers are required to file the appointment of an insurance broker to establish a legal relationship and comply with regulatory requirements.
To fill out the appointment of insurance broker, one must provide information such as the broker's name, license number, the type of insurance to be brokered, and the effective date of the appointment, typically using a standardized form set by the regulatory authority.
The purpose of the appointment of an insurance broker is to create a binding relationship that allows the broker to act on behalf of the insurer and to ensure compliance with legal and regulatory standards.
The information required on the appointment of insurance broker includes the broker's identification details, the insurance company information, the specific lines of insurance authorized, and any applicable dates, such as the appointment start date.
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