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A Co Broker Agreement (Insurance) is essential when two licensed insurance brokers in Hong Kong wish to collaborate on insurance placements and share insurance broking activities. This document is used when brokers want to leverage each other's expertise, market access, or client relationships while ensuring compliance with Hong Kong Insurance Authority regulations. The agreement covers crucial aspects such as commission sharing arrangements, regulatory compliance requirements, client ownership rules, and operational procedures. It's particularly relevant when brokers specialize in different markets or insurance lines and want to collaborate while maintaining their separate corporate identities and licenses. The agreement must align with Hong Kong's regulatory framework, including the Insurance Ordinance (Cap. 41) and the Insurance Authority's Code of Conduct for Licensed Insurance Broker Companies.

1. Parties: Identification of the co-broking parties, including their licensed status and regulatory details

2. Background: Context of the agreement and the intention to collaborate in insurance broking activities

3. Definitions: Key terms used throughout the agreement, including technical insurance and regulatory terms

4. Scope of Agreement: Details of the co-broking arrangement and permitted activities

5. Regulatory Compliance: Obligations to comply with Insurance Authority requirements and other applicable regulations

6. Duties and Responsibilities: Specific roles and obligations of each broker in the arrangement

7. Commission Sharing: Terms for splitting commissions and other revenue between the parties

8. Client Ownership and Non-Solicitation: Rules regarding client relationships and restrictions on soliciting each other's clients

9. Confidentiality and Data Protection: Obligations regarding client data and confidential information handling

10. Professional Indemnity: Requirements for maintaining professional indemnity insurance and handling claims

11. Term and Termination: Duration of the agreement and circumstances for termination

12. Post-Termination Obligations: Continuing obligations after the agreement ends

13. General Provisions: Standard contract clauses including notices, amendments, and governing law