BROKERS COMPLAIN OF UNFAIR COMPETITION
Insurance brokers obviously do not feel comfortably with the regulations concerning their work. The chairman of the Insurance Brokers Association (IBA) Janaki Andreev announced specially to the BANKER weekly that IBA (set up in August, this year) had forwarded to the Insurance Supervision Directorate (ISD) a number of suggestions for amending the Insurance Law and other legal acts, concerning the insurance intermediaries activity. The aim is to simplify clients' servicing and make it easier for brokers to work. Mr. Andreev shared the opinion that the rather high requirements for professional qualification and labour experience of the brokers should also be revised. IBA insists on simplifying the signing procedure of the broker-client assignment contract, too. It is important for the insurance intermediaries to be secured from disloyal competition by the law as well.
At the moment series of routine surveys are carried out by ISD in several licensed companies, yet so far no serious breaches of law have been found. The executive officer of ISD Tania Chonkova stated to the BANKER weekly that the results of the survey of all companies would be officially announced.