The Insurance Agency Agreement is a crucial document used to establish and govern the formal relationship between insurance companies and their appointed agents or brokers in New Zealand. This agreement is essential when an insurer wishes to expand its distribution network through intermediaries, requiring a comprehensive framework that ensures compliance with New Zealand's regulatory requirements, including the Insurance Intermediaries Act 1994 and Financial Markets Conduct Act 2013. The agreement covers key aspects such as agent authority, commission structures, compliance obligations, premium handling procedures, and professional standards. It's designed to protect both parties' interests while ensuring adherence to local insurance regulations and industry best practices.
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1. Parties: Identifies the insurer and insurance agent/broker, including their legal status and contact details
2. Background: Outlines the context of the agreement, including the insurer's business, agent's qualifications, and mutual intention to enter into an agency relationship
3. Definitions: Defines key terms used throughout the agreement, including technical insurance terms and agreement-specific terminology
4. Appointment and Scope: Details the formal appointment of the agent and defines the territorial and product scope of the agency
5. Agent's Authority: Specifies the extent and limitations of the agent's authority to act on behalf of the insurer
6. Regulatory Compliance: Addresses compliance requirements under NZ law, including licensing, registration, and conduct obligations
7. Duties and Responsibilities: Lists the specific duties and responsibilities of both the agent and the insurer
8. Commission and Payment Terms: Details the commission structure, payment terms, and related financial arrangements
9. Premium Handling: Specifies procedures for handling insurance premiums in accordance with the Insurance Intermediaries Act 1994
10. Records and Reporting: Outlines record-keeping requirements and reporting obligations
11. Confidentiality and Privacy: Addresses confidentiality obligations and compliance with the Privacy Act 2020
12. Intellectual Property: Covers the use of trademarks, branding, and other intellectual property
13. Professional Indemnity: Sets out professional indemnity insurance requirements for the agent
14. Termination: Details the circumstances and procedures for termination of the agreement
15. Post-Termination Obligations: Specifies obligations and restrictions following termination
16. General Provisions: Includes standard contractual provisions such as notices, amendments, and governing law
1. Sub-Agents: Include when the agent is permitted to appoint sub-agents, specifying conditions and oversight requirements
2. Training Requirements: Include when specific training or certification requirements are needed for the agent's staff
3. Marketing and Advertising: Include when the agent will be involved in marketing activities for the insurer's products
4. Claims Handling Authority: Include when the agent is granted authority to handle claims on behalf of the insurer
5. IT Systems and Integration: Include when specific technology systems or integrations are required
6. Performance Targets: Include when specific performance metrics and targets are part of the agreement
7. Territory Exclusivity: Include when the agent is granted exclusive rights in specific territories
8. Disaster Recovery: Include when specific business continuity and disaster recovery procedures are required
1. Schedule 1 - Commission Rates: Detailed breakdown of commission rates for different insurance products and categories
2. Schedule 2 - Authorized Insurance Products: List of insurance products the agent is authorized to sell or promote
3. Schedule 3 - Territory Definition: Detailed description of the geographical territory covered by the agreement
4. Schedule 4 - Service Level Requirements: Specific service standards and performance metrics
5. Schedule 5 - Reporting Templates: Standard formats for required regular reports
6. Appendix A - Required Documentation: List of documentation required for policy applications and claims
7. Appendix B - Compliance Procedures: Detailed compliance procedures and checklists
8. Appendix C - Brand Guidelines: Guidelines for use of insurer's branding and marketing materials
Relevant legal definitions
Clauses
Relevant Industries
Insurance
Financial Services
Risk Management
Professional Services
Insurance Broking
Wealth Management
Financial Advisory
Corporate Services
Relevant Teams
Legal
Compliance
Risk Management
Sales
Distribution
Operations
Business Development
Regulatory Affairs
Agency Management
Broker Relations
Product Development
Underwriting
Relevant Roles
Insurance Agency Manager
Compliance Officer
Legal Counsel
Insurance Broker
Insurance Agent
Risk Manager
Business Development Manager
Chief Operating Officer
Insurance Sales Manager
Distribution Channel Manager
Regulatory Affairs Manager
Contract Administrator
Agency Development Manager
Insurance Operations Manager
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