Specific Duties of Information
(Article 31 of Law 7/2019, of 16 January)
Corbroker – Corretores de Seguros, S.A., with registered office at Av. 5 de Outubro, 17 – 2º andar, 1050-047 Lisboa (telephone 213245140), holder of Legal Person Identity Card no. 503239470, registered at the Lisbon Commercial Registry Office, with Share Capital of 71,000 euros, insurance intermediary registered on 27.01.2007, at the register of ASF – Autoridade de Supervisão de Seguros e Fundos de Pensões (ASF) (Portuguese Insurance Supervisor), with the category of Insurance Broker, under the no. 607083914/3, with authorisation to engage in the business of insurance distribution in the Life and Non-Life segments, which can be checked and confirmed at www.asf.com.pt, informs its clients, pursuant to and for the purposes of Article 31 of the Legal Rules on the Distribution of Insurance and Reinsurance (RJDSR) (Law 7/2019, of 16 January), that:
It does not have any participation in, and nor is it directly or indirectly held by, any Insurer.
Corbroker carries on its business independently from the Insurers, conducting impartial analyses of a sufficient number of insurance contracts available in the market to enable it to make a recommendation, in line with professional criteria, on the insurance contract most suited to the Client’s needs.
As applicable, Corbroker will inform the client of the names of the insurance companies it works with when these are relevant to the requirements and needs presented.
Corbroker’s intervention goes beyond simply helping the client to sign the insurance contract, as assistance is provided all the while the contract remains valid. Corbroker is authorised to receive premiums to be passed on to the insurance company, and also reverse premiums and indemnities to be paid out to policyholders, insured persons, beneficiaries or injured third parties.
In general terms, Corbroker is authorised to enter into insurance agreements in the name of and on behalf of insurance companies, but it may never propose or assume in its own name coverage of risks, which is the exclusive competence of the insurance companies, pursuant to the applicable legislation.
Corbroker provides advice based on an impartial analysis of a sufficiently large number of different insurance contracts available on the market, to enable it to make a recommendation, in line with professional criteria, on the insurance contract most suited to the Client’s needs.
Corbroker’s remuneration (whether fixed or variable) for the activity of distributing insurance, may consist of:
- Commission calculated and included in the amount of the premium paid by the client to the insurance company where the insurance is placed;
- A direct charge to the client as professional fees which have been agreed in advance;
- Another type of remuneration related to the insurance contract;
- A combination of any of the types of remuneration mentioned above.
The client is entitled to request information on the amount of remuneration that will be received for the provision of the insurance distribution service, and this will be provided, on request, by the client’s account manager.
Joint and several liability
Other insurance intermediaries do not usually intervene in insurance that is entered into for the client. However, in cases where several insurance intermediaries intervene in the same insurance contract or one insurance intermediary performing an ancillary role and one or several insurance intermediaries, all of them are jointly and severally liable to the insured persons, policyholders and insurance companies for the distribution acts performed.
Corbroker further informs that:
The Client has a duty to provide precise and complete information, and accurate responses to the questions contained in the insurance proposal, and if these are not provided or are inaccurate, this may invalidate the coverage of the risk, totally or partially, or prevent the Broker from suggesting the most suitable product;
The Client assumes full responsibility for the solution selected as regards the covers, exclusions, deductibles and sums insured when these are different to those suggested by the Broker;
Without prejudice to Corbroker’s duties of information as a broker, the Client is required to carefully read all the conditions of the insurance contract that it enters into.
Corbroker represents the Client and acts in the name of and on behalf of the insurance company.