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Insurance Agent Agreement for Ireland

Insurance Agent Agreement Template for Ireland

This document establishes the legal and operational framework for an insurance agency relationship under Irish law, governed by the Insurance Distribution Regulations 2018 and other relevant Irish and EU regulations. It sets out the terms under which an insurance agent can sell and distribute insurance products on behalf of an insurer, including regulatory compliance requirements, commission structures, professional standards, and operational procedures. The agreement ensures compliance with Irish insurance regulations while protecting both the insurer's and agent's interests in the distribution of insurance products.

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What is a Insurance Agent Agreement?

The Insurance Agent Agreement is a crucial document used to establish and govern the relationship between insurance companies and their appointed agents in Ireland. This agreement is essential when an insurer wishes to expand its distribution network through agents while maintaining regulatory compliance and operational control. The document must align with the Insurance Distribution Regulations 2018, the Consumer Protection Code 2012, and other relevant Irish and EU regulations. It typically includes detailed provisions on regulatory compliance, commission structures, professional requirements, and operational procedures. The agreement is particularly important in the Irish insurance market, where regulatory oversight is stringent and consumer protection is paramount. It serves as both a regulatory compliance tool and a commercial framework, ensuring that insurance distribution activities are conducted in accordance with Irish law while protecting the interests of all parties involved.

What sections should be included in a Insurance Agent Agreement?

1. Parties: Identifies the insurance company (principal) and the insurance agent, including their registered addresses and company numbers

2. Background: Outlines the context of the agreement, including the insurer's authorization status and the agent's qualifications

3. Definitions: Defines key terms used throughout the agreement, including regulatory terms specific to Irish insurance law

4. Appointment and Scope: Details of the agent's appointment, territory, and authorized insurance products

5. Regulatory Compliance: Obligations regarding Insurance Distribution Regulations, Consumer Protection Code, and other relevant regulations

6. Agent's Duties and Responsibilities: Core obligations including sales practices, record keeping, and customer service standards

7. Commission and Payment Terms: Structure of commissions, payment terms, and clawback provisions

8. Training and Competency: Requirements for maintaining professional qualifications and ongoing training

9. Data Protection and Confidentiality: GDPR compliance obligations and confidentiality requirements

10. Professional Indemnity Insurance: Requirements for maintaining adequate professional indemnity coverage

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

12. Post-Termination Obligations: Obligations after agreement ends, including handling of customer records

13. Governing Law and Jurisdiction: Confirmation of Irish law governance and jurisdiction

What sections are optional to include in a Insurance Agent Agreement?

1. Non-Compete Clause: Restrictions on agent's ability to represent competing insurers, used when exclusivity is required

2. Marketing and Branding: Rules for using insurer's branding and marketing materials, included when agent will conduct marketing activities

3. IT Systems and Security: Requirements for using insurer's systems and security protocols, needed when providing access to proprietary systems

4. Performance Targets: Specific sales or performance goals, included when the agreement is performance-based

5. Audit Rights: Extended audit provisions beyond standard regulatory requirements, used for closer oversight

6. Sub-Agency Arrangements: Terms for appointing sub-agents, included when sub-agency is permitted

7. Claims Handling Authority: Procedures for handling claims, included when agent has claims processing authority

What schedules should be included in a Insurance Agent Agreement?

1. Schedule 1 - Products and Services: Detailed list of insurance products and services the agent is authorized to sell

2. Schedule 2 - Commission Structure: Detailed commission rates and terms for different products and scenarios

3. Schedule 3 - Territory: Detailed description of geographical territory or market segments

4. Schedule 4 - Minimum Professional Requirements: Specific qualifications and certifications required

5. Schedule 5 - Service Level Agreement: Detailed performance metrics and service standards

6. Appendix A - Regulatory Compliance Checklist: Checklist of key regulatory requirements and compliance procedures

7. Appendix B - Data Protection Requirements: Detailed GDPR compliance requirements and procedures

8. Appendix C - Required Reports and Forms: Templates for required reporting and documentation

Authors

Alex Denne

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

Jurisdiction

Ireland

Publisher

Ƶ

Document Type

Agency Agreement

Cost

Free to use
Relevant legal definitions







































Clauses









































Relevant Industries

Insurance

Financial Services

Risk Management

Compliance

Legal Services

Insurance Brokerage

Reinsurance

Insurance Technology

Professional Services

Relevant Teams

Legal

Compliance

Risk Management

Sales

Distribution

Operations

Commercial

Regulatory Affairs

Business Development

Agency Management

Product Development

Underwriting

Relevant Roles

Insurance Agent

Compliance Officer

Legal Counsel

Insurance Broker

Business Development Manager

Risk Manager

Sales Director

Distribution Manager

Agency Manager

Regulatory Affairs Manager

Insurance Operations Manager

Commercial Director

Managing Director

Chief Operating Officer

Chief Compliance Officer

Head of Distribution

Head of Sales

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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