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Co Broker Agreement (Insurance) for India

Co Broker Agreement (Insurance) Template for India

This document establishes a formal co-broking arrangement between two licensed insurance brokers operating in India, governed by Indian law and IRDAI regulations. It outlines the terms and conditions for collaboration in insurance placement, including commission sharing arrangements, client ownership, compliance requirements, and service delivery standards. The agreement ensures compliance with Indian insurance regulations while facilitating efficient insurance placement and service delivery through partnership between brokers.

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Co Broker Agreement (Insurance)

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What is a Co Broker Agreement (Insurance)?

A Co-Broker Agreement (Insurance) is essential when two licensed insurance brokers in India wish to collaborate on insurance placement and client service. This document is typically used when brokers want to leverage each other's expertise, market relationships, or geographical presence while maintaining compliance with IRDAI regulations. The agreement addresses crucial aspects such as commission sharing, client ownership, confidentiality, and regulatory compliance requirements under Indian insurance laws. It's particularly relevant when brokers need to collaborate on large or complex risks, or when combining specialized expertise is beneficial for client service. The document ensures clear delineation of responsibilities while maintaining compliance with Indian insurance regulations and professional standards.

What sections should be included in a Co Broker Agreement (Insurance)?

1. Parties: Identification of the co-broking parties with their respective licensing and registration details

2. Background: Context of the agreement and brief description of the parties' business activities

3. Definitions: Definitions of key terms used throughout the agreement

4. Scope of Agreement: Details of the co-broking arrangement and covered insurance classes

5. Roles and Responsibilities: Specific duties and obligations of each broker in the arrangement

6. Licensing and Compliance: Confirmation of regulatory compliance and maintenance of required licenses

7. Commission Sharing: Structure and terms of commission sharing between the co-brokers

8. Client Ownership: Terms regarding client relationships and data ownership

9. Confidentiality: Obligations regarding confidential information handling

10. Term and Termination: Duration of agreement and conditions for termination

11. Indemnification: Mutual indemnification obligations and liability limitations

12. Dispute Resolution: Process for resolving disputes between parties

13. Governing Law: Specification of Indian law as governing law and jurisdiction

14. General Provisions: Standard boilerplate clauses including notices, amendments, and severability

What sections are optional to include in a Co Broker Agreement (Insurance)?

1. Digital Services: Terms for digital platform sharing or online collaboration, used when parties operate digital insurance platforms

2. International Business: Additional terms for international insurance placement, included when dealing with cross-border business

3. Training and Support: Terms regarding mutual training and support obligations, included when parties agree to knowledge sharing

4. Marketing and Branding: Guidelines for co-branded marketing activities, used when parties plan joint marketing initiatives

5. Claims Handling: Specific procedures for claims handling cooperation, included when parties share claims responsibilities

6. Sub-broking Arrangements: Terms for engaging sub-brokers, included when sub-broking is contemplated

What schedules should be included in a Co Broker Agreement (Insurance)?

1. Schedule A - Commission Split Details: Detailed breakdown of commission sharing percentages by insurance class

2. Schedule B - Territory and Product Matrix: List of covered territories and insurance products under the agreement

3. Schedule C - Service Level Agreement: Specific service standards and response times for various activities

4. Schedule D - Compliance Checklist: List of regulatory requirements and compliance obligations

5. Schedule E - Contact Details: Key personnel and escalation matrix for both parties

6. Appendix 1 - Required Licenses: Copies of current broker licenses and registrations

7. Appendix 2 - Standard Operating Procedures: Detailed procedures for day-to-day operations and collaboration

8. Appendix 3 - Data Protection Protocol: Specific procedures for handling client data and maintaining confidentiality

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

India

Publisher

Ƶ

Document Type

Broker Agreement

Cost

Free to use
Relevant legal definitions

































Clauses




































Relevant Industries

Insurance

Financial Services

Risk Management

Corporate Insurance

Reinsurance

Insurance Technology

Professional Services

Relevant Teams

Legal

Compliance

Operations

Business Development

Risk Management

Broker Relations

Client Services

Technical

Claims

Regulatory Affairs

Partnership Management

Relevant Roles

Insurance Broker

Compliance Officer

Risk Manager

Business Development Manager

Operations Director

Legal Counsel

Partnership Manager

Chief Executive Officer

Chief Operating Officer

Relationship Manager

Insurance Placement Specialist

Regulatory Affairs Manager

Claims Manager

Technical Director

Managing Director

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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