Agent of record
An agent of record (AOR) is an individual or a legal entity with a duly executed contractual agreement with an insurance policy owner, in line with the prevailing legal norms and regulations of the region in which the contract was entered into. The agent of record has a legal right to receiving commissions from the respective insurance policy.
The individual or legal entity is authorized to represent an insured party in the purchase, servicing, and maintenance of insurance coverage with a designated insurer. The majority of insurance companies will not disclose any information or discuss an insured party's account with any agent other than the duly appointed agent of record. An insured party wishing to change insurance agent(s) must submit a revised agent of record letter[1] to the respective insurer authorizing said insurer to release the insured party's information and to discuss the insured party's coverage with the newly appointed agent.
Relevant documents may be executed via hard copy documents or, alternatively, electronically in jurisdictions where electronic execution is recognized as legally possible. Applications may be made electronically, as well as in physical form.
An agent of record letter can, in some cases, be used as an insurance sales tool, though some question its legality.[2]
Disambiguation
In the advertising and marketing industry, AOR stands for "Agency of Record." In this context, an AOR is an agency that is authorized to purchase advertising time (for radio or television advertising) or space (for print or web advertising) on behalf of the company they have been hired by.[3]