A broker is an agent who bargains and/or conducts negotiations for and on behalf of his or her principal as an intermediary between the principal and third persons in the acquisition of contractual rights. Such a broker normally receives a commission or brokerage fee for his or her services. While a broker's primary contractual duty is to procure prospects and negotiate with them on behalf of his or her principal, it is not uncommon for the broker to assume an advisory relationship to clients who are not knowledgeable in the types of contracts involved in the negotiations.
Connecticut Exclusive Agreement Between Employer and Broker to Secure Group Insurance is a legally binding contract that establishes a relationship between an employer and a broker in order to obtain group insurance coverage for the employees. This agreement is specific to the state of Connecticut and ensures that the employer engages only one broker who has exclusive rights to procure insurance policies on behalf of the employer and its employees. The primary purpose of this agreement is to streamline the insurance procurement process and ensure that the employer receives comprehensive and cost-effective group insurance coverage. By entering into an exclusive agreement, the employer benefits from the expertise and experience of a single broker who specializes in Connecticut insurance regulations and can negotiate favorable terms with insurance carriers. The exclusive agreement outlines the terms of engagement between the employer and the broker. It includes key provisions such as the duration of the agreement, the scope of the broker's services, compensation arrangements, and obligations of both parties. The agreement also covers crucial aspects like confidentiality, dispute resolution, and termination conditions. Keywords: 1. Connecticut: This agreement specifically pertains to the state of Connecticut and adheres to its unique insurance laws and regulations. 2. Exclusive Agreement: The agreement establishes an exclusive relationship between the employer and the broker, ensuring that only the designated broker can procure group insurance policies. 3. Employer: Refers to the organization or company entering into the agreement to secure group insurance coverage for its employees. 4. Broker: The insurance professional or firm authorized to act on behalf of the employer to negotiate, procure, and manage group insurance policies. 5. Group Insurance: Insurance coverage provided to a group of people (employees) under a single policy, typically offering more favorable terms and rates compared to individual policies. 6. Insurance Procurement: The process of obtaining an insurance policy or coverage, usually involving negotiations with insurance carriers. 7. Coverage: The range of benefits and protection provided under the group insurance policy, such as health insurance, life insurance, disability insurance, etc. 8. Terms and Conditions: The specific provisions and obligations outlined in the agreement, including duration, compensation, confidentiality, and termination terms. 9. Compensation: The payments or commissions made by the employer to the broker for their services in procuring and managing the group insurance policies. 10. Regulations: The laws and guidelines set by Connecticut's insurance regulatory authority that govern the insurance industry and influence the terms and conditions of the agreement. Different types of Connecticut Exclusive Agreement Between Employer and Broker to Secure Group Insurance may include variations in coverage types (e.g., health, dental, vision), different durations (short-term or long-term), diverse compensation structures, and potentially specific provisions based on the nature of the employer's industry or size.
