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[Section 130 of the Insurance Act 2018]
In addition, does section 130 (re: disclosure of preferential arrangements by brokerage) apply to binder arrangements?
Central Bank of Trinidad and Tobago
The objective of Section 130 is to ensure that customers are fully aware of any preferential arrangements a broker may have in relation to an insurance product being offered. The details of the preferential arrangements may be set out in the binder agreements. These details should be disclosed by the broker to the customer. In any situation, we expect that any preferential arrangement being offered is within the confines of the contractual arrangement between the broker and the underlying insurer.
