Document background
The Insurance Letter of Agreement is a crucial document used in Hong Kong's insurance industry to formalize insurance arrangements between insurers and their clients. This document is typically employed when establishing new insurance coverage or modifying existing arrangements, ensuring all terms comply with Hong Kong insurance regulations and the Insurance Authority's requirements. The agreement includes essential information such as coverage details, premium structures, claims procedures, and specific conditions while adapting to various insurance types such as general, life, or specialized commercial insurance. As a formal contract type, the Insurance Letter of Agreement serves as the primary reference point for both parties throughout the duration of the insurance relationship, providing clarity on rights, obligations, and procedures.
