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Agency Agreement (Insurance)

Agency Agreement (Insurance) Template for Switzerland

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Key Requirements PROMPT example:

Agency Agreement (Insurance)

"I need an Insurance Agency Agreement under Swiss law for appointing an independent agent to sell life and health insurance products in the Geneva region, with standard commission rates and a non-compete clause."

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Document background
The Insurance Agency Agreement (Insurance) is a crucial document used in the Swiss insurance market to establish and regulate the relationship between insurance companies and their agents. This agreement is particularly important in Switzerland's highly regulated insurance sector, where compliance with FINMA regulations, the Federal Insurance Contract Act (VVG), and the Insurance Supervision Act (VAG) is mandatory. The document is typically used when an insurance company wishes to appoint an agent to sell its insurance products, manage client relationships, and represent the company's interests within a specified territory. It includes comprehensive provisions on regulatory compliance, professional qualifications, compensation structures, and data protection requirements specific to the Swiss market. The agreement serves as both a commercial and regulatory tool, ensuring that agency relationships in the insurance sector meet all necessary legal and supervisory requirements.
Suggested Sections

1. Parties: Identification of the Principal (Insurance Company) and Agent, including registration/license numbers

2. Background: Context of the agreement and brief description of the parties' business relationship

3. Definitions: Key terms used throughout the agreement

4. Appointment and Scope: Formal appointment of agent and detailed scope of authority

5. Territory and Products: Geographical area of operation and specific insurance products covered

6. Agent's Obligations: Core duties, compliance requirements, and performance standards

7. Principal's Obligations: Support, training, and materials to be provided by the insurance company

8. Compensation: Commission structure, payment terms, and calculation methods

9. Regulatory Compliance: Obligations under Swiss insurance laws, FINMA requirements, and other applicable regulations

10. Data Protection: Handling of customer data in compliance with Swiss data protection laws

11. Record Keeping: Requirements for maintaining books, records, and documentation

12. Term and Termination: Duration of agreement and termination provisions

13. Post-Termination Obligations: Duties and restrictions after agreement termination

14. Confidentiality: Protection of confidential information and trade secrets

15. Governing Law and Jurisdiction: Confirmation of Swiss law application and jurisdiction

Optional Sections

1. Non-Compete: Restrictions on competitive activities, optional based on business relationship and territory

2. Professional Indemnity Insurance: Requirements for agent's professional liability coverage, if not covered in main obligations

3. Marketing and Branding: Guidelines for use of principal's branding and marketing materials

4. Sub-Agents: Provisions regarding appointment and management of sub-agents, if permitted

5. Training Requirements: Specific training and certification requirements, if beyond basic obligations

6. IT Systems and Security: Requirements for using principal's IT systems and security protocols

7. Dispute Resolution: Alternative dispute resolution procedures before court litigation

8. Force Majeure: Provisions for unforeseen circumstances affecting performance

Suggested Schedules

1. Schedule 1 - Commission Structure: Detailed breakdown of commission rates and calculation methods

2. Schedule 2 - Insurance Products: List and descriptions of authorized insurance products

3. Schedule 3 - Territorial Scope: Detailed description of authorized territory and any exclusions

4. Schedule 4 - Compliance Requirements: Specific regulatory requirements and compliance procedures

5. Schedule 5 - Reporting Templates: Standard forms for regular reporting and documentation

6. Appendix A - Power of Attorney: Formal authorization document defining agent's authority

7. Appendix B - Data Processing Agreement: Detailed terms for handling personal data in compliance with Swiss law

8. Appendix C - Professional Qualifications: Required licenses, certifications, and professional credentials

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
Clauses
Appointment
Authority
Territory
Duration
Renewal
Termination
Obligations
Compliance
Licensing
Commission
Payment
Training
Reporting
Record Keeping
Confidentiality
Data Protection
Intellectual Property
Non-Competition
Non-Solicitation
Indemnification
Insurance
Limitation of Liability
Force Majeure
Assignment
Amendments
Notices
Governing Law
Jurisdiction
Dispute Resolution
Entire Agreement
Severability
Waiver
Third Party Rights
Regulatory Compliance
Anti-Money Laundering
Professional Standards
Marketing
Branding
Sub-Agency
Audit Rights
Relevant Industries

Insurance

Financial Services

Risk Management

Professional Services

Financial Technology

Wealth Management

Healthcare Insurance

Property Insurance

Liability Insurance

Life Insurance

Relevant Teams

Legal

Compliance

Risk Management

Sales

Distribution

Operations

Underwriting

Regulatory Affairs

Business Development

Agency Management

Relevant Roles

Insurance Agent

Compliance Officer

Legal Counsel

Risk Manager

Business Development Manager

Insurance Broker

Agency Manager

Sales Director

Regulatory Affairs Manager

Operations Manager

Insurance Underwriter

Distribution Channel Manager

Chief Executive Officer

Chief Compliance Officer

Chief Legal Officer

Industries
Swiss Code of Obligations (OR): Primary source of Swiss contract law, particularly Articles 394-406 governing agency agreements (simple agency) and Articles 418a-418v governing commercial agency agreements
Federal Insurance Contract Act (VVG): Regulates insurance contracts and the relationship between insurers, insurance intermediaries, and policyholders
Insurance Supervision Act (VAG): Governs the supervision of insurance companies and insurance intermediaries, including licensing requirements and professional standards
Federal Act on Financial Market Infrastructure (FMIA): Provides regulatory framework for financial market infrastructure and conduct of financial intermediaries
Federal Data Protection Act (FDPA): Regulates the processing of personal data by private persons and federal bodies, relevant for handling client information
Federal Act on Unfair Competition (UWG): Ensures fair competition and protects against unfair business practices in insurance intermediation
FINMA Circulars: Regulatory guidelines issued by the Swiss Financial Market Supervisory Authority regarding insurance intermediation and distribution
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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