Describe the functions of Reinsurance Broker.

Following are the functions that a Reinsurance Broker needs to perform: The reinsurance broker must be familiarized with the client's business and its risk retention philosophy. Maintain proper records of the insurer's business so that the same can be used to assist the reinsurer(s) or other. To render advice based on technical data on the reinsurance covers which is available in the international markets of insurance and reinsurance. To maintain a database of available reinsurance markets which includes solvency ratings of the individual reinsurers. To render risk management services for the purpose of reinsurance; Select or recommend a reinsurer or a group of reinsurers. To negotiate with a reinsurer on behalf of client. To assist in case of commutation of reinsurance contract placed by them. Act in a prompt manner on client's instructions and provide written acknowledgements and progress reports. Collect and remit premiums and claims/refunds within the time as agreed upon. Maintain proper records of claims. Assisting in negotiations and settlement of claims. To exercise diligence and due care at the time of selecting reinsurers and international insurance brokers with regard to their respective security rating and establish respective responsibilities at the time of engaging their services. To create market capacity and facility for stresses, new and existing businesses and asset class for and from both direct insurers and reinsurers. Rendering preliminary loss advice within a reasonable period of time.