Insurance Broker Agreement Generator for Australia

The Insurance Broker Agreement is a critical document used to formalize the appointment of an insurance broker and define the scope of their services under Australian law. This agreement is essential when a business or individual engages a licensed insurance broker to manage their insurance portfolio, provide risk advice, and act as their representative in the insurance market. It ensures compliance with Australian financial services regulations, including AFSL requirements, and addresses key aspects such as broker remuneration, service standards, and professional obligations. The agreement is particularly important given the regulated nature of insurance broking in Australia and the need to clearly document the responsibilities of both parties in accordance with the Corporations Act 2001 and other relevant legislation.

1. Parties: Identification of the Insurance Broker and the Client, including ABN/ACN and AFSL details

2. Background: Context of the agreement, broker's status as AFSL holder, and general purpose of the arrangement

3. Definitions and Interpretation: Key terms used throughout the agreement, including regulatory terms and industry-specific definitions

4. Appointment and Scope: Formal appointment of broker and detailed scope of services to be provided

5. Broker's Services and Obligations: Detailed description of services, including regulatory obligations, duty of care, and service standards

6. Client's Obligations: Client's responsibilities including disclosure obligations, premium payments, and information provision

7. Remuneration: Broker's fees, commission structures, and disclosure of any third-party commissions as required by law

8. Compliance and Regulatory Matters: Compliance with AFSL requirements, relevant laws, and regulatory obligations

9. Professional Indemnity Insurance: Broker's insurance requirements and maintenance obligations

10. Confidentiality and Privacy: Handling of confidential information and compliance with Privacy Act obligations

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

12. Liability and Indemnity: Limitations of liability and indemnification provisions

13. General Provisions: Standard boilerplate clauses including notices, governing law, and dispute resolution