Document background
The Terms of Business Agreement Insurance Broker serves as the primary contractual framework establishing the professional relationship between insurance brokers and their clients in Ireland. This document is essential for compliance with Irish financial services regulations, including the Insurance Distribution Regulations 2018 and the Consumer Protection Code 2012. It is required when an insurance broker begins providing services to new clients and must be updated periodically to reflect regulatory changes. The agreement covers crucial aspects such as service scope, regulatory status, remuneration structures, data protection compliance, and complaint handling procedures, all within the context of Irish and EU regulatory requirements. It supports both consumer and commercial relationships and must be tailored to reflect the specific services offered by the broker while maintaining compliance with Central Bank of Ireland guidelines.
