The Insurance SLA is a crucial document used to establish and maintain service standards between insurance providers and their clients in the Malaysian market. This agreement is particularly important when setting up or reviewing insurance service arrangements that require specific performance metrics, compliance requirements, and operational standards. The document addresses key aspects of insurance service delivery including response times, quality metrics, reporting requirements, and compliance with Malaysian regulatory requirements, particularly the Financial Services Act 2013 and Bank Negara Malaysia guidelines. It's designed to protect both parties' interests while ensuring adherence to local insurance regulations and industry standards, making it essential for both conventional insurance and Takaful operations in Malaysia.
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1. Parties: Identification of the insurance provider and the client organization, including registration numbers and registered addresses
2. Background: Context of the agreement, relationship between parties, and purpose of the SLA
3. Definitions: Detailed definitions of technical terms, industry-specific terminology, and key concepts used throughout the agreement
4. Scope of Services: Comprehensive description of insurance services covered, including specific insurance products and related services
5. Service Level Requirements: Detailed performance metrics, response times, and quality standards for insurance services
6. Performance Monitoring: Methods and processes for measuring and reporting service level performance
7. Compliance Requirements: Regulatory compliance obligations under Malaysian law, including FSA 2013 requirements
8. Data Protection and Security: Measures for protecting customer data and maintaining information security
9. Business Continuity: Requirements for disaster recovery and business continuity planning
10. Reporting Requirements: Regular reporting obligations, formats, and frequencies
11. Dispute Resolution: Procedures for handling disputes and escalation processes
12. Term and Termination: Duration of agreement, renewal terms, and termination conditions
13. General Provisions: Standard legal clauses including governing law, notices, and amendments
1. Shariah Compliance: Required when the SLA covers Islamic insurance (Takaful) products
2. Third-Party Service Providers: Include when external service providers are involved in delivering insurance services
3. Premium Handling: Required when the SLA includes premium collection and processing services
4. Claims Processing: Include when claims handling is part of the service scope
5. Marketing and Distribution: Required when the SLA covers distribution or marketing of insurance products
6. Training Requirements: Include when staff training and certification requirements are part of the service delivery
7. System Integration: Required when IT system integration between parties is necessary
1. Schedule 1 - Service Level Metrics: Detailed breakdown of all service level targets, measurements, and calculations
2. Schedule 2 - Pricing and Penalties: Fee structure, payment terms, and penalty calculations for service level breaches
3. Schedule 3 - Operational Procedures: Detailed operational processes and procedures for service delivery
4. Schedule 4 - Contact Matrix: Key contact persons, roles, and escalation hierarchy
5. Schedule 5 - Technical Requirements: Technical specifications for systems, interfaces, and security requirements
6. Schedule 6 - Reporting Templates: Standard formats for various reports required under the SLA
7. Appendix A - Compliance Checklist: Regulatory compliance requirements and verification checklist
8. Appendix B - Business Continuity Plan: Detailed procedures for business continuity and disaster recovery
Relevant legal definitions
Clauses
Relevant Industries
Insurance
Financial Services
Banking
Healthcare
Manufacturing
Retail
Technology
Transportation
Real Estate
Construction
Energy
Telecommunications
Relevant Teams
Legal
Compliance
Risk Management
Operations
Customer Service
Claims Processing
Underwriting
Quality Assurance
Contract Management
Information Technology
Product Development
Account Management
Relevant Roles
Chief Risk Officer
Insurance Operations Manager
Compliance Officer
Legal Counsel
Service Delivery Manager
Claims Manager
Underwriting Manager
Account Manager
Operations Director
Risk Manager
Insurance Product Manager
Quality Assurance Manager
Contract Administrator
Business Relationship Manager
Technical Operations Manager
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