The term Insurance Broker has no legal definition following the repeal of the 1977 Act. The sale of General Insurance has been regulated by the Financial Services Authority since 2005.

Insurance brokerage is a regulated industry, with almost all states individually issuing brokerage licenses after meeting the requirements set by that state. In most states there is a reciprocity agreement whereby insurance brokers from one state can easily become licensed in another.

Insurance Brokers play a significant role in helping companies and individuals find property and casualty (liability); life and health insurance. For example, research shows that brokers play a significant role in helping small employers find health insurance, particularly in more competitive markets. Average small group commissions range from 2 percent to 8 percent of premiums. Insurance Brokers provide other services aside from insurance sales, such as assisting with employee enrollment and helping to resolve insurance benefit issues.

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