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Why is the insurance policy issued through an insurance broker?

When purchasing an MTPL (Compulsory Motor Third-Party Liability Insurance) policy, you may notice that the policy is issued with the participation of Toyota Insurance Management LLP (Insurance Broker). Below, we explain why this is done and what it means for you as a customer. It is fully compliant with the legislation of the Republic of Kazakhstan.

An insurance broker is a licensed professional participant in the insurance market that acts as an intermediary between the customer and the insurance company. The broker's activities are regulated by the Law of the Republic of Kazakhstan "On Insurance Activities" and require a license issued by the authorized regulatory body.

What is the role of an insurance broker?

When issuing your insurance policy, the insurance broker:

  • assists in the conclusion of the insurance contract;

  • ensures that all documents are completed correctly;

  • accepts and transfers the insurance premium to the insurance company in accordance with applicable legislation;

  • facilitates communication between the customer and the insurance company during the policy issuance process.

The involvement of an insurance broker is a common practice in the insurance industry that helps streamline the policy issuance process and provide a higher level of customer service.

Why is there a broker service fee?

The insurance broker provides a separate service related to arranging your insurance policy. The cost of this service is displayed before payment and included in the total amount, so you can see all charges in advance.

Can I cancel the broker service agreement after purchasing the policy?

No. Once the policy has been issued, the broker service agreement is considered fulfilled and cannot be terminated. Therefore, the broker service fee is non-refundable, even if the insurance policy is later terminated in cases provided for by legislation or under the terms of the insurance contract.

Where can I find more information?

More information about insurance brokers is available in the Law of the Republic of Kazakhstan "On Insurance Activities" and other regulations governing insurance brokerage activities.