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Insurance Agent Release Form
"I need an Insurance Agent Release Form for terminating an agency relationship with a senior broker who is retiring on March 1, 2025, including provisions for ongoing commission payments and client transition arrangements for their high-net-worth portfolio."
1. Parties: Identification of the insurance company and agent including full legal names, registered addresses, and company numbers
2. Background: Context of the agency relationship, duration of service, and reason for release
3. Definitions: Key terms used throughout the agreement including 'Agent', 'Company', 'Clients', 'Confidential Information', and 'Release Date'
4. Release Terms: Details of the mutual release of obligations, effective date, and acknowledgment of termination of agency agreement
5. Confidentiality Obligations: Ongoing duties regarding confidential information, trade secrets, and business information
6. Client Protection: Provisions ensuring client interests are protected during and after the release
7. Data Protection: Obligations regarding customer data post-release, including GDPR compliance requirements
1. Commission Arrangements: Terms regarding settlement of outstanding commissions and treatment of future commission payments
2. Non-Compete Provisions: Restrictions on future business activities, including duration and geographical scope
3. Professional Indemnity: Requirements for maintaining professional indemnity insurance and handling future claims
4. Return of Property: Process and timeline for returning company property, documents, and equipment
1. Schedule 1 - Client List: Comprehensive list of clients affected by the release, including policy details
2. Schedule 2 - Outstanding Commissions: Detailed schedule of any pending commission payments and payment terms
3. Schedule 3 - Handover Protocol: Step-by-step process for transferring client relationships and ongoing business
4. Schedule 4 - Document Retention Schedule: Specific requirements for maintaining records post-release, including retention periods
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