Article 17. Rights and Obligations of Insurance and Reinsurance Brokers

The insurance and reinsurance brokers shall have the right to:

carry out intermediary activities for any type of insurance (reinsurance) within their powers;

choose an insurer when concluding an insurance (reinsurance) contract;

receive information from the insurer about the availability of a license, the amount of the charter fund, insurance reserves and obligations assumed, as well as other indicators of its solvency and financial stability;

provide expert and consulting services.

The insurance and reinsurance brokers may also have other rights in accordance with the legislation and their signed contracts.

The insurance and reinsurance brokers shall be obliged to:

comply with the requirements of the legislation on insurance activities;

at the request of clients, provide complete, reliable and objective information on the conclusion and execution of an insurance (reinsurance) contract;

maintain the confidentiality of information constituting commercial and other secrets of the client;

at the request of the authorized state body, provide the information established by the legislation;

in the event of a change in the company name, form of incorporation and/or location, notify the authorized state body and insurants;

keep accounting records, prepare financial, statistical, tax and other statements in accordance with the procedure established by the legislation.

The insurance and reinsurance brokers may also have other obligations in accordance with the legislation and their signed contracts.