Insurance broker: A juristic person acting as intermediary between the client or insured (policyholder) and the insurance company. They represent the insured and act on their behalf in the contracts as well as acting as advisor of the policyholder to select appropriate insurance cover and the insurance company for consideration of fee (commission) from the policyholder. Brokers are independent from insurance companies and act as intermediaries between the insured and reinsurer for consideration of commission from the insurance company for facilitating reinsurance arrangements. The law obliges the broker to deal with more than three insurance companies. 37 insurance brokers are licensed to operate in the Omani market
