Insurance Intermidiaries in Ethiopia: the Law and the Practice: Types and Organizations of Insurance Intermediaries Under Ethiopian Law

Insurance intermediaries, that originated and developed with the origin and development of insurance, are professionals who bridge the gap between the consumer and the insurers. The four types of insurance intermediaries are: an insurance agent; insurance broker, insurance loss assessors or loss adjustors and insurance surveyors. The book confirms that they are agents of the insurer or the insured and owed duties to perform independently on behalf of the principals. The book focuses on the types and forms of insurance intermediaries, the regulation of their functions, their rights, duties and liabilities. The research was carried out by conducting interviews and paying visits and then evaluating it against the internationally accepted rules and principles. The sector is at its enfant stage of development and confusion between the insurance surveyor and assessor or adjuster is noticed. The book identified that there is no developed system of supervision. Agency contracts are not made in the form the law requires, mainly oral contracts are made with regard to insurance assessors, and letter of appointment is used in case of brokers.