Brokers & Consultants Society

   

          
   

 FAIR Brokers & Consultants Society (FBCS) has been established, aiming at developing the profession and having a progressive and powerful arm to spur regional cooperation and to encourage business exchange among FAIR Members.

I. Objectives of FBCS

FBCS brings the brokers in the FAIR region into the mainstream of FAIR activities. FBCS represents the interests of insurance and reinsurance brokers.

Members of FBCS are advisors who pride themselves on the professional advice and range of products and services they offer, always focused on the insurers and customers’ needs and requirements.

FBCS is set to become an important voice of the industry - advising members and the regulator, on key insurance and reinsurance issues. In addition, FBCS would assist to raise and maintain industry standards.

The combined membership of FBCS is expected to handle a very significant share of the reinsurance business in the Afro Asian region.

FBCS in tandem with FAIR has extensive reach in the Afro Asian region and valuable grass-roots knowledge (market information) of the insurance practice of every country in the region. This resource will be enhanced and made available to FBCS members in their practice to develop better business opportunities.

Accreditation by FAIR enhances the Afro Asian brokers reputation. Membership of FBCS enhances value in the eyes of the Insurer, and increases networking opportunities.

Preferential approach may be adopted to build up mutual strong business relationships within the FAIR domain. FBCS should also make efforts to discuss with the local Regulatory authorities the rating requirements so that the reinsurance security regulations framed encourage regional co-operation amongst FAIR members.

Working together would encourage:

  1. Facilitating the flow of international business between FAIR Members.
  2. Increasing cooperation and assistance among Members.
  3. Maintaining consistently high service standards throughout FAIR related activities.
  4. Providing FAIR Members with access to global markets, services, and solutions.
  5. Supporting FAIR Pools & Syndicate.
  6. Promoting FAIR Members and Pool capabilities worldwide.

II- The Organs of FBCS:

The society will consist of the following organs;

1)    The General Meeting “FBCS GM”:

a.      It will be composed of the representatives of all Members of FBCS. Each member shall have one representative and one vote.

b.      It shall hold its sessions at least once every two years prior to FAIR General Meeting in the course of FAIR Conference.

c.       President of FAIR shall preside the sessions.

2)    Coordinating Committee “FBCS CC”:

a.      It will consist of five Members from among the representatives of the FBCS Members.

b.      It will be appointed for the first time by FAIR Executive Committee and will be elected afterwards for a period of two years by the FBCS General Meeting. Continuity and geographical representation shall be always taken into consideration as much as possible.   

c.       FBCS CC will elect its Chairman from among its Members for the same period.

d.      Secretary General of FAIR shall be Ex-Officio Member of FBCS CC

e.      It will hold its meetings, at least once a year. One of these meetings shall be in the course of the sessions of FAIR Executive Committee.

III.          FAIR Gatherings for which FBCS Members shall be invited:

The Chairman of the FBCS Coordination Committee (FBCS CC) will be invited to participate in the FAIR Development & Cooperation (D & C) Committee.

Members of FBCS CC will be invited to participate in FAIR General Meetings and all Members of the Society will annually be invited for:

- FAIR Reinsurance Forum “FRF”

- FAIR Oil & Energy forum “FOEUF”

(NB: Only FAIR Members are invited for these events i.e. Not Observers)

FBCS Members will pay registration fees in FAIR Conferences as FAIR members, i.e. not observers. They will be given special badges. FBCS members have opportunity to benefit from the influence, access and commercial opportunities FAIR provides. This places the FBCS member ahead of non-member competitors.

FAIR Reinsurance Forum (FRF) in brief: The Forum provides an annual platform for all parties interested in the growth of the underwriting capacities of FAIR Member Companies, to interact through the exchange of business, experience and information. They participate and meet annually equipped by their reports, latest statistics, their reinsurance programme and/or their reinsurance capacities. FRF Meetings continue to prove their importance and benefits for both Insurers and Reinsurers. Direct Insurance Companies take more initiative keeping in mind the changes in the international scenario.

FAIR Oil & Energy Underwriters (FOEUF) in brief: For various reasons, insurers in many oil-producing countries have been unable to deal with various local oil and gas risks, which are characterized by specialized technology, high values concentrated in limited areas and with high loss potential single handedly. Therefore, FAIR Oil & Energy Underwriters (FOEUF) are called upon to face the challenges collectively to develop capacity and promote an underwriting expertise capable of dealing with the complex and sophisticated nature of Oil & Energy Risk. They are invited to come together and work more closely, under the umbrella of FAIR Oil & Energy Underwriters Forum, which holds its meetings in conjunction with FAIR Reinsurance Forum (FRF).

Inviting FBCS Members for the above mentioned Forums avails them valuable networking opportunities.

IV. FBCS Membership is opened to:

FBCS Membership shall be opened to Afro-Asian Brokerage Companies and/or Insurance Consultancy Firms.

In all cases, FBCS member shall be:

a)        Incorporated, and its headquarter established in Afro-Asian country

b)        Owned at least 51% by Afro-Asians

c)         Licensed by the National Insurance Supervisory Authority

d)        Not an agent marketing the services of Non-Afro-Asian broker.

Member shall issue immediate notice to FAIR Central Office for any change in particular the ownership, the location, or operation.

Membership application form:

Applicant shall complete the membership application form as attached herewith, and submit it to FAIR Central Office accompanied with a cheque for the amount of the admission fees and the first year annual subscription, which is as follows:

·         US$100 Admission fees (to be paid only once at the date of applying for membership)

·         US$500 Annual Subscription for Brokerage Companies

·         US$200 Annual Subscription for Consultancy Firms

The annual subscriptions shall to be paid yearly in January

Promotion of FBCS - Way Forward:

Joint and concerted efforts should be exerted by FAIR Central Office and FBCS Members for enhancing its membership to represent the whole Afro-Asian Region and to develop cooperation through broker networks.