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Terms Of Business Agreement (Insurance) Template for Switzerland

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Key Requirements PROMPT example:

Terms Of Business Agreement (Insurance)

"I need a Terms of Business Agreement (Insurance) for our Swiss insurance company to engage with independent brokers who will distribute our life and non-life insurance products in Switzerland, with particular focus on compliance with FinSA requirements and inclusion of digital distribution channels."

Document background
The Terms of Business Agreement (Insurance) serves as the foundational document governing the business relationship between insurance companies and their distribution partners or service providers in Switzerland. This agreement is essential for establishing clear operational frameworks, ensuring regulatory compliance, and managing risk in insurance business relationships. It is specifically designed to meet Swiss regulatory requirements, including those under the Insurance Supervision Act (ISA/VAG), Financial Services Act (FinSA/FIDLEG), and other relevant Swiss legislation. The TOBA defines crucial aspects such as authority limits, compliance obligations, remuneration structures, and service standards, while incorporating specific Swiss market practices and regulatory requirements. It is typically used when establishing new business partnerships or updating existing relationships in the Swiss insurance market, ensuring all parties understand their roles, responsibilities, and obligations under Swiss law.
Suggested Sections

1. Parties: Identification of the contracting parties - typically the insurance company and the business partner (broker/agent/intermediary)

2. Background: Context of the agreement and business relationship between the parties

3. Definitions: Key terms used throughout the agreement, including regulatory and industry-specific terminology

4. Scope of Services: Detailed description of services to be provided, including authorized insurance classes and territories

5. Regulatory Compliance: Obligations regarding Swiss insurance regulations, including ISA/VAG and FINSA/FIDLEG requirements

6. Authority and Limitations: Extent and limitations of authority granted to conduct insurance business

7. Remuneration: Commission structures, payment terms, and related financial arrangements

8. Compliance and Risk Management: Requirements for compliance with laws, regulations, and risk management procedures

9. Data Protection and Confidentiality: Obligations regarding handling of personal data and confidential information under Swiss law

10. Professional Indemnity: Requirements for professional indemnity insurance and liability provisions

11. Termination: Conditions and procedures for terminating the agreement

12. Governing Law and Jurisdiction: Specification of Swiss law as governing law and jurisdiction for disputes

13. General Provisions: Standard contractual provisions including notices, amendments, and severability

Optional Sections

1. Anti-Money Laundering Provisions: Detailed AML obligations when the agreement involves life insurance or investment products

2. Electronic Trading Platforms: Terms for use of electronic platforms when digital insurance trading is involved

3. Claims Handling Authority: Include when the partner is authorized to handle claims on behalf of the insurer

4. Marketing and Branding: Rules for use of brands and marketing materials when partner is authorized to market products

5. Training Requirements: Specific training obligations when required by product complexity or regulatory requirements

6. Sub-Contracting: Terms for allowing/prohibiting sub-contracting when relevant to the business model

7. International Operations: Additional provisions for cross-border activities when applicable

Suggested Schedules

1. Schedule 1 - Authorized Insurance Classes: List of insurance classes and products covered by the agreement

2. Schedule 2 - Commission Rates: Detailed commission structures and rates for different products

3. Schedule 3 - Service Levels: Specific service standards and performance metrics

4. Schedule 4 - Operational Procedures: Detailed procedures for quotations, binding coverage, and policy administration

5. Schedule 5 - Compliance Requirements: Specific compliance procedures and requirements

6. Appendix A - Required Documentation: List of required documents for various processes

7. Appendix B - Contact Details: Key contacts and escalation procedures

8. Appendix C - System Access Protocols: Procedures for accessing and using insurer's systems when applicable

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓÆµ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions












































Clauses



































Relevant Industries

Insurance

Reinsurance

Financial Services

Risk Management

Wealth Management

Asset Management

Banking

Professional Services

Insurance Broking

Insurance Distribution

Relevant Teams

Legal

Compliance

Risk Management

Distribution

Sales

Business Development

Operations

Underwriting

Claims

Broker Relations

Partnerships

Regulatory Affairs

Contract Management

Relevant Roles

Chief Executive Officer

Chief Risk Officer

Chief Compliance Officer

Legal Counsel

Head of Distribution

Head of Partnerships

Insurance Operations Manager

Compliance Manager

Risk Manager

Business Development Manager

Partnership Manager

Distribution Manager

Insurance Sales Manager

Broker Relationship Manager

Underwriting Manager

Claims Manager

Contract Manager

Regulatory Affairs Manager

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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