Insurance Distribution Agreement Generator for United Arab Emirates

The Insurance Distribution Agreement is essential for establishing formal distribution partnerships in the UAE insurance market. This agreement is required when an insurance company wishes to authorize a third party to distribute its insurance products in the UAE market. It must comply with UAE Federal Law No. 6 of 2007 and various Insurance Authority regulations, particularly Board Resolution No. 15 of 2013 for brokers and Decision No. 3 of 2010 for agents. The document covers critical aspects including appointment terms, regulatory compliance requirements, operational procedures, commission structures, and risk management protocols. It's particularly important in the UAE context due to specific regulatory requirements for insurance distribution, including mandatory provisions for consumer protection, AML compliance, and Islamic insurance (Takaful) considerations where applicable.

1. Parties: Identification of the Insurer and Distributor, including their full legal names, registration numbers, and registered addresses

2. Background: Context of the agreement, including the Insurer's authority to conduct insurance business in UAE and Distributor's qualifications

3. Definitions: Definitions of key terms used throughout the agreement, including regulatory-specific terminology

4. Appointment and Scope: Terms of the Distributor's appointment, territory, and scope of authority

5. Regulatory Compliance: Obligations to comply with UAE insurance regulations, including Insurance Authority requirements

6. Distributor's Obligations: Core responsibilities including sales practices, reporting, and customer service requirements

7. Insurer's Obligations: Support, training, and materials to be provided by the insurer

8. Commission and Payment Terms: Commission structure, payment terms, and related financial arrangements

9. Compliance with AML and KYC Requirements: Specific obligations regarding anti-money laundering and know-your-customer requirements

10. Data Protection and Confidentiality: Data handling, privacy obligations, and confidentiality requirements

11. Intellectual Property Rights: Usage rights for trademarks, marketing materials, and other IP

12. Record Keeping: Requirements for maintaining records as per UAE regulations

13. Indemnity and Insurance: Mutual indemnification and professional insurance requirements

14. Term and Termination: Duration of agreement and circumstances for termination

15. Post-Termination Obligations: Obligations and procedures following termination

16. Governing Law and Jurisdiction: Confirmation of UAE law governance and jurisdiction

17. General Provisions: Standard boilerplate clauses including notices, amendments, and severability