What defines "insurance brokerage" according to the RIBO Act?

The definition of "insurance brokerage" according to the RIBO Act focuses on the role of the broker in representing the client rather than the insurance provider. Specifically, it involves soliciting, negotiating, or placing insurance on behalf of clients. This means that an insurance broker acts as an intermediary between clients seeking insurance coverage and the insurers providing those policies. The broker's primary duty is to serve the interests of the client by finding the most suitable insurance products, tailored to their specific needs and circumstances.

In contrast, selling insurance directly to consumers would typically involve an agent representing the insurer, not the client. The underwriting process pertains to the assessment of risk and the setting of premiums by the insurance company itself, which is unrelated to the broker's function. Lastly, marketing practices by insurance companies involve promoting their products which is distinct from the role of a broker in negotiating and placing insurance. Thus, the selected answer accurately captures the essence of what insurance brokerage entails within the framework of the RIBO Act.