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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."
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
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
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
Insurance
Reinsurance
Financial Services
Risk Management
Wealth Management
Asset Management
Banking
Professional Services
Insurance Broking
Insurance Distribution
Legal
Compliance
Risk Management
Distribution
Sales
Business Development
Operations
Underwriting
Claims
Broker Relations
Partnerships
Regulatory Affairs
Contract Management
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
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