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The Insurance Agency Agreement (Insurance) is a crucial document used to establish and govern the formal relationship between insurance companies and their appointed agents in Denmark. This agreement is essential when an insurance company wishes to expand its distribution network through independent agents or when restructuring existing agency relationships. The document comprehensively addresses all aspects of the agency relationship, including regulatory compliance under Danish insurance laws and EU directives, specifically the Insurance Distribution Directive (IDD). It details the agent's authority to sell insurance products, commission structures, compliance requirements, reporting obligations, and risk management procedures. The agreement is particularly important in the Danish market, where insurance distribution often relies on a network of professional agents, and must align with the specific requirements of the Danish Financial Supervisory Authority (Finanstilsynet).

1. Parties: Identification of the Insurance Company (Principal) and the Agent, including their full legal names, registration numbers, and addresses

2. Background: Context of the agreement, including the Principal's business, the Agent's qualifications, and the purpose of the arrangement

3. Definitions: Definitions of key terms used throughout the agreement, including technical insurance terms and agreement-specific terminology

4. Appointment and Scope: Terms of the agent's appointment, territory, and scope of authority to represent the insurance company

5. Regulatory Compliance: Obligations regarding insurance regulation compliance, including IDD requirements and local Danish regulatory requirements

6. Agent's Duties and Responsibilities: Detailed outline of the agent's obligations, including sales practices, customer service, and reporting requirements

7. Principal's Duties and Responsibilities: Insurance company's obligations regarding support, training, and information provision to the agent

8. Commission and Payment Terms: Structure of commission payments, calculation methods, payment timing, and related financial arrangements

9. Compliance with Laws and Policies: Requirements for compliance with relevant laws, regulations, and company policies

10. Confidentiality and Data Protection: Obligations regarding confidential information handling and GDPR compliance

11. Non-Competition and Non-Solicitation: Restrictions on competitive activities during and after the agreement term

12. Term and Termination: Duration of the agreement and circumstances under which it can be terminated

13. Post-Termination Obligations: Obligations and procedures following agreement termination

14. Liability and Indemnification: Allocation of risks and responsibilities between parties, including insurance requirements

15. General Provisions: Standard clauses including notices, amendments, governing law, and dispute resolution