| Answer :
An insurance broker is set up through sets of dilligent and strict regulations under the watchful eyes of Ministry of Finance with the aim to protect the general people. An insurance broker acts on behalf of the insured.
Whereas an insurance agent acts on behalf of the insurance company he/she works for, and therefore could only be an agent of 1(one) insurance company. This is further strengthened by Insurance Regulations No. 2 Year 1992.
An insurance broker is free to choose whichever insurance company in order to place its insured's risks.