An individual or firm that provides risk management and insurance consulting e.g. risk management reviews, policy analysis, feasibility studies, etc. on a fee basis. As a rule, the risk management consultant does not sell insurance, and so maintains its independence and objectivity.
Licensing requirement change from jurisdiction to jurisdiction. In some locations no license is required, in others, an insurance consultant’s license is required and in some a brokers license or a consultants license will suffice.
Society of Risk Management Consultants (SRMC)
Members: Independent risk management and insurance consultants. Objectives: Promotes professional standards for risk managers and insurance consultants. Founded: 1984. Headquarters: New York, NY. Formed in 1984 by the merger of the Insurance Consultants Society and the Institute of Risk Management Consultants.
In Ontario, as an alternative to being a member of RIBO, consultants can satisfy licensing requirements by being a member of RMCO. An applicant is eligible for membership if he or she:
- is an individual who devotes the majority of his working time to risk management consulting,
- is of good character,
- is compensated on a fee for service basis,
- will not render or offer professional services for which the fees are contingent on reduction in client’s insurance costs, or any other specific result,
- is not an insurance agent or insurance broker,
- has no financial or other association of a material nature with any insurance agency or brokerage or property-casualty insurance company,
- does not receive compensation, commission or other thing of value from any insurance agent or insurance broker, or property-casualty insurance company, such as to conflict with the Association’s “Code of Conduct”,
- is not employed by an employer who has any material interest in any insurance agency, insurance broker or property-casualty insurance company and is not directly or indirectly controlled by an insurance agency, insurance broker or property-casualty insurance company, where such employment would conflict with the Association’s “Code of Conduct”,
- does not act in the soliciting of any insurance policy or program,
- does not have agreements with insurers allowing him or her to bind coverage or counter-sign insurance documents on behalf of insurers,
- has no shareholder or partner who is an insurance agent or broker,
- satisfies the educational and experience requirements established from time to time by resolution of the Board of Directors.
- Risk Advisory – Independent Risk Management Group based in Calgary.
- Risk Management Consultants of Ontario (RMCO)
- Robert Harder Consulting Inc.
- Society of Risk Management Consultants
- Strategic Asset Alliance, Inc. – Full-service investment consulting firm that specializes solely in serving the insurance industry.
- Towers Watson
- Warren, McVeigh & Griffin, Inc.
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