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Insurance Producer Agreement
"Need an Insurance Producer Agreement for our digital-first insurance company launching in March 2025, focusing on online distribution channels and including provisions for cross-border operations in ASEAN countries while complying with Indian regulations."
1. Parties: Identification of the Insurance Company and the Producer, including licensing details and registration numbers
2. Background: Context of the agreement, including the insurer's authority to conduct business and the producer's qualifications
3. Definitions: Key terms used throughout the agreement, including regulatory terminology and business-specific definitions
4. Appointment and Territory: Scope of producer's appointment and geographical territory of operation
5. Licensing and Compliance: Requirements for maintaining necessary licenses and compliance with IRDAI regulations
6. Duties and Responsibilities: Detailed obligations of the producer including sales, reporting, and customer service requirements
7. Compensation: Commission structure, payment terms, and conditions for commission adjustments
8. Confidentiality: Protection of confidential information and customer data
9. Term and Termination: Duration of agreement and circumstances for termination
10. Record Keeping: Requirements for maintaining books, records, and documentation
11. Training and Compliance: Mandatory training requirements and compliance with company policies
12. Indemnification: Mutual indemnification provisions and liability limitations
13. Governing Law and Jurisdiction: Applicable law and jurisdiction for dispute resolution
14. General Provisions: Standard clauses including notices, amendments, and severability
1. E-commerce Operations: Specific provisions for online sales and digital operations, required if the producer operates through digital platforms
2. Sub-Producer Relationships: Terms governing relationships with sub-producers, needed if the producer is authorized to work with sub-producers
3. Special Product Lines: Specific terms for specialized insurance products, included when producer deals with specific insurance categories
4. International Operations: Additional provisions for cross-border activities, required for producers operating internationally
5. Marketing and Advertising: Specific guidelines for marketing activities, included for producers with significant marketing responsibilities
6. Errors and Omissions Insurance: Requirements for professional liability insurance, optional based on risk assessment
1. Schedule A - Commission Structure: Detailed breakdown of commission rates for different products and scenarios
2. Schedule B - Territory Map: Detailed description or map of authorized territory
3. Schedule C - Product List: List of insurance products the producer is authorized to sell
4. Schedule D - Performance Metrics: Specific performance targets and evaluation criteria
5. Appendix 1 - Compliance Checklist: Detailed compliance requirements and reporting formats
6. Appendix 2 - Operating Procedures: Standard operating procedures and workflow guidelines
7. Appendix 3 - Training Requirements: Detailed training and certification requirements
8. Appendix 4 - Documentation Templates: Standard forms and templates for various processes
Authors
Insurance
Financial Services
Banking
Wealth Management
Risk Management
Corporate Services
Healthcare Insurance
Life Insurance
General Insurance
Reinsurance
Legal
Compliance
Sales
Distribution
Operations
Risk Management
Business Development
Agency Development
Partner Relations
Product Development
Underwriting
Insurance Agent
Insurance Broker
Chief Compliance Officer
Legal Counsel
Business Development Manager
Agency Manager
Distribution Head
Sales Director
Relationship Manager
Risk Manager
Compliance Manager
Insurance Producer
Channel Partner Manager
Chief Distribution Officer
Operations Manager
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