32Brokers to give certain information

##### 32 Brokers to give certain information (1) Where an insurance broker arranges or effects a contract of insurance: (a) the broker shall, as soon as it is reasonably practicable for the broker to do so, give to the insured particulars in writing of any fees or other amounts charged by the insurance broker in respect of the broker’s services in connection with the contract; and (b) if requested to do so by the insured, the broker shall, as soon as it is reasonably practicable for the broker to do so, give to the insured particulars of any commission or other remuneration or benefit received by the broker from the insurer in respect of the broker’s services in arranging or effecting the contract. (2) If an insurance broker who arranges or effects a contract of insurance gives to the insured particulars of any premiums payable, or charges imposed by law, in respect of the contract, the broker shall cause the particulars of fees or other amounts given by the broker to the insured under subsection (1) to be shown separately from particulars of those premiums or charges. (3) Paragraph (1)(b) does not have effect where the contract of insurance was effected under a binder and the broker has complied with the requirements of section 16. (4) Where the contract of insurance is one of a number of contracts of insurance arranged or effected by the broker as a group of contracts of insurance, it is sufficient compliance with subsection (1) if the broker gives the required particulars in relation to the group of contracts. (5) An insurance broker shall, as soon as is reasonably practicable after the broker has arranged or effected a contract of insurance (including a contract of insurance effected by the broker under a binder), inform the insured of the name of the insurer and of a place of business of the insurer. (6) It is a sufficient compliance with so much of subsection (5) as requires the insurance broker to inform the insured of the name of the insurer if, in relation to a contract of insurance with Lloyd’s underwriters, or with Lloyd’s underwriters and others, the insurance broker informs the insured that the contract was arranged or effected with “Lloyd’s”, or with “Lloyd’s” and other specified insurers, as the case may be. (7) In subsection (6), Lloyd’s underwriters has the same meaning as it has in the Insurance Act 1973. Penalty: 60 penalty units.