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Terms Of Business Agreement Insurance Broker

Terms Of Business Agreement Insurance Broker Template for Australia

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Key Requirements PROMPT example:

Terms Of Business Agreement Insurance Broker

"I need a Terms of Business Agreement Insurance Broker for my Melbourne-based insurance broking firm that primarily deals with retail clients and offers basic insurance broking services only, to be implemented by March 2025."

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Document background
The Terms of Business Agreement Insurance Broker (TOBA) is a fundamental document used in the Australian insurance broking industry to formalize the relationship between insurance brokers and their clients. This agreement is essential for compliance with Australian financial services regulations, including ASIC requirements, the Corporations Act 2001, and the Insurance Contracts Act 1984. It details the scope of services, remuneration arrangements, and respective obligations of both parties. The TOBA includes critical elements such as service descriptions, fee structures, risk disclosures, and privacy provisions, making it suitable for insurance brokers operating under an Australian Financial Services License (AFSL). The agreement is designed to protect both the broker and client while ensuring transparency and regulatory compliance in the provision of insurance broking services.
Suggested Sections

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

2. Background: Context of the agreement and brief description of the broker's services

3. Definitions: Key terms used throughout the agreement, including regulatory terms

4. Appointment and Scope of Services: Formal appointment of broker and detailed description of services provided

5. Broker's Obligations: Key responsibilities including duty of care, disclosure requirements, and compliance with regulations

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

7. Remuneration: Fee structure, commission arrangements, and disclosure of other revenues

8. Communications and Instructions: Methods of communication and procedures for giving instructions

9. Privacy and Data Protection: Handling of personal information and compliance with Privacy Act

10. Liability and Indemnity: Limitation of liability provisions and indemnification arrangements

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

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

Optional Sections

1. Insurance Placement Procedures: Detailed procedures for placing insurance, used when the broker provides direct placement services

2. Claims Handling: Procedures for claims management, included when claims handling services are offered

3. Risk Management Services: Details of additional risk management services, included when offering consulting services

4. International Services: Provisions for international insurance arrangements, used when dealing with overseas markets

5. Premium Funding: Terms relating to premium funding arrangements, included when offering premium funding services

6. Sub-Broking Arrangements: Terms governing relationships with sub-brokers, used when sub-broking services are involved

7. Electronic Trading Platforms: Terms for using electronic platforms, included when offering online services

Suggested Schedules

1. Schedule 1 - Services Description: Detailed breakdown of specific services provided and any service levels

2. Schedule 2 - Fee Schedule: Detailed fee structure and commission arrangements

3. Schedule 3 - Client Instructions Form: Standard form for client instructions and authorizations

4. Appendix A - Financial Services Guide: Mandatory FSG as required by the Corporations Act

5. Appendix B - Privacy Policy: Detailed privacy policy and data handling procedures

6. Appendix C - Complaints Procedure: Internal and external dispute resolution procedures

Authors

Alex Denne

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

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Clauses
Appointment
Scope of Services
Regulatory Compliance
Broker Authority
Client Instructions
Duty of Disclosure
Remuneration
Commission Disclosure
Premium Payment
Claims Handling
Market Selection
Confidentiality
Privacy
Data Protection
Intellectual Property
Limitation of Liability
Indemnification
Professional Indemnity Insurance
Force Majeure
Term
Termination
Assignment
Sub-contracting
Conflict of Interest
Record Keeping
Dispute Resolution
Governing Law
Notices
Amendment
Entire Agreement
Severability
Electronic Communications
Anti-Money Laundering
Sanctions
Force Majeure
Third Party Rights
Relevant Industries

Financial Services

Insurance

Professional Services

Banking

Commercial Property

Construction

Manufacturing

Mining

Healthcare

Retail

Transport and Logistics

Agriculture

Technology

Professional Services

Entertainment and Hospitality

Relevant Teams

Legal

Compliance

Risk Management

Operations

Client Services

Claims

Finance

Business Development

Underwriting

Regulatory Affairs

Relevant Roles

Insurance Broker

Risk Manager

Compliance Officer

Legal Counsel

Chief Executive Officer

Chief Operating Officer

Account Executive

Claims Manager

Business Development Manager

Financial Controller

Operations Manager

Client Service Manager

Underwriting Manager

Risk Consultant

Regulatory Affairs Manager

Industries
Corporations Act 2001: The primary legislation governing financial services in Australia, including insurance broking. It sets out licensing requirements (AFSL), conduct obligations, and disclosure requirements for insurance brokers.
Insurance Contracts Act 1984: Regulates insurance contracts and establishes duties of disclosure, utmost good faith, and other obligations relevant to insurance broking arrangements.
Privacy Act 1988: Contains the Australian Privacy Principles (APPs) governing how businesses collect, use, and protect personal information, which is crucial for insurance brokers handling client data.
Australian Securities and Investments Commission Act 2001: Provides consumer protection provisions specifically for financial services and establishes ASIC's regulatory powers.
Anti-Money Laundering and Counter-Terrorism Financing Act 2006: Sets out obligations for financial service providers regarding customer identification, transaction monitoring, and reporting suspicious activities.
Competition and Consumer Act 2010 (including Australian Consumer Law): Contains general consumer protection provisions, including prohibitions on misleading and deceptive conduct that apply to insurance broking services.
Insurance Brokers Code of Practice: While not legislation, this industry code sets professional standards and is often referenced in TOBAs to demonstrate commitment to best practices.
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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