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The Terms of Business Agreement Insurance Broker (TOBA) is a fundamental document required for insurance broking operations in India, establishing the contractual framework between insurance brokers and their clients. This agreement is essential for compliance with IRDAI regulations and Indian insurance laws, providing clarity on service scope, responsibilities, and commercial terms. The document is typically used when establishing new broking relationships or updating existing arrangements to reflect current regulatory requirements. It includes crucial information about broker services, regulatory compliance, remuneration structures, and operational procedures. The TOBA serves as a master agreement that governs all insurance broking transactions between the parties, ensuring transparency and regulatory compliance while protecting both parties' interests under Indian jurisdiction.

1. Parties: Identification of the Insurance Broker and the Client, including registered addresses and regulatory details

2. Background: Context of the agreement, broker's regulatory status, and purpose of the arrangement

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

4. Scope of Services: Detailed description of broking services, including insurance placement, claims support, and risk management services

5. Broker's Obligations: Key responsibilities and duties of the broker, including regulatory compliance and service standards

6. Client's Obligations: Client's responsibilities including information disclosure, premium payment, and cooperation requirements

7. Remuneration: Details of broker's fees, commissions, and other charges, including disclosure requirements under IRDAI regulations

8. Claims Handling: Process and responsibilities for claims notification, management, and settlement support

9. Confidentiality: Provisions for handling confidential information and data protection requirements

10. Liability and Indemnity: Limitations of liability, professional indemnity coverage, and indemnification provisions

11. Term and Termination: Duration of agreement, renewal provisions, and termination circumstances and procedures

12. Regulatory Compliance: Compliance with IRDAI regulations, anti-money laundering requirements, and other applicable laws

13. Governing Law and Jurisdiction: Specification of Indian law as governing law and jurisdiction for dispute resolution