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Binder Agreement (Insurance)

Binder Agreement (Insurance) Template for New Zealand

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Key Requirements PROMPT example:

Binder Agreement (Insurance)

"I need a Binder Agreement (Insurance) for our Auckland-based insurance company to delegate underwriting authority to XYZ Brokers Limited for property and casualty risks up to NZD 5 million per risk, with the agreement to commence on March 1, 2025."

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Document background
This Binder Agreement (Insurance) is a crucial document used in the New Zealand insurance market to establish a formal delegation of underwriting authority. It is typically employed when an insurer wishes to grant another entity (the coverholder) the power to bind insurance contracts on its behalf. The agreement must comply with New Zealand's regulatory framework, including requirements set by the Reserve Bank of New Zealand and relevant financial services legislation. It contains detailed provisions covering underwriting guidelines, premium handling, claims procedures, reporting requirements, and compliance obligations. This type of agreement is essential for managing delegated underwriting arrangements while ensuring proper risk management and regulatory compliance in the New Zealand insurance market.
Suggested Sections

1. Parties: Identifies the insurer granting the authority and the coverholder receiving it

2. Background: Context of the agreement, including relevant licenses and authorizations

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

4. Grant of Authority: Scope and limits of the binding authority granted to the coverholder

5. Term and Renewal: Duration of the agreement and renewal provisions

6. Underwriting Guidelines: Specific parameters for risk acceptance, pricing, and policy issuance

7. Premium and Commission: Premium handling, commission structures, and payment terms

8. Reporting Requirements: Mandatory reporting obligations, formats, and timeframes

9. Claims Handling: Procedures for claims notification, handling, and settlement authority

10. Compliance and Controls: Regulatory compliance requirements and internal control measures

11. Records and Audit: Record-keeping requirements and audit rights

12. Termination: Grounds and procedures for termination of the agreement

13. General Provisions: Standard contractual provisions including governing law, notices, and assignment

Optional Sections

1. Delegated Claims Authority: Include when the coverholder is authorized to handle and settle claims

2. Sub-Delegation: Include when sub-delegation of authority is permitted

3. IT Systems and Security: Include when specific technology platforms or security requirements apply

4. Territorial Limits: Include when authority is limited to specific geographic regions

5. Product Oversight: Include when the agreement covers product development or modification authority

6. Conduct Risk Management: Include for retail insurance products subject to conduct regulations

7. Sanctions Compliance: Include when international business or sanctions compliance is relevant

Suggested Schedules

1. Schedule 1 - Classes of Business: Details of insurance classes and products covered by the authority

2. Schedule 2 - Underwriting Limits: Specific financial and risk acceptance limits

3. Schedule 3 - Commission Schedule: Detailed commission rates and payment structures

4. Schedule 4 - Reporting Templates: Required formats for bordereaux and other reports

5. Schedule 5 - Service Level Requirements: Performance standards and response time requirements

6. Appendix A - Policy Wording Templates: Approved policy wordings and endorsements

7. Appendix B - Claims Handling Procedures: Detailed claims handling protocols and authority limits

8. Appendix C - Compliance Checklist: Regulatory and operational compliance requirements

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions















































Clauses







































Relevant Industries

Insurance

Financial Services

Risk Management

Reinsurance

Insurance Broking

Professional Services

Marine Insurance

Property Insurance

Liability Insurance

Commercial Insurance

Relevant Teams

Legal

Compliance

Underwriting

Claims

Risk Management

Operations

Product Development

Business Development

Broker Relations

Technical Services

Finance

Audit

Relevant Roles

Chief Underwriting Officer

Delegated Authority Manager

Compliance Officer

Risk Manager

Insurance Operations Manager

Claims Manager

Legal Counsel

Insurance Product Manager

Underwriting Manager

Business Development Manager

Broker Relationship Manager

Technical Underwriter

Operations Director

Chief Risk Officer

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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