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Agency Agreement (Insurance)
"I need an Insurance Agency Agreement governed by Irish law for appointing a new agent to sell our life insurance products exclusively in Dublin, with the agreement to commence on March 1, 2025 and include strict compliance requirements and performance targets."
1. Parties: Identification of the insurance company (principal) and the agent, including their registered addresses and company numbers
2. Background: Context of the agreement, including the insurer's authorization status and the agent's qualifications
3. Definitions: Definitions of key terms used throughout the agreement
4. Appointment and Scope: Terms of the agent's appointment, territory, and scope of authority
5. Regulatory Compliance: Obligations regarding regulatory compliance, including IDD requirements and Central Bank regulations
6. Agent's Duties and Responsibilities: Detailed obligations of the agent, including sales practices, reporting, and customer service requirements
7. Insurer's Duties and Responsibilities: Obligations of the insurer, including support, training, and documentation
8. Commission and Payment Terms: Commission structure, payment terms, and related financial arrangements
9. Professional Indemnity Insurance: Requirements for maintaining professional indemnity insurance
10. Data Protection and Confidentiality: GDPR compliance requirements and confidentiality obligations
11. Term and Termination: Duration of the agreement and circumstances for termination
12. Post-Termination Obligations: Obligations of both parties after termination
13. General Provisions: Standard legal provisions including governing law, notices, and entire agreement
1. Non-Compete Clause: Restrictions on the agent's ability to represent competing insurers - optional depending on business model
2. Marketing and Branding: Rules for use of insurer's brands and marketing materials - relevant if agent markets under insurer's brand
3. Claims Handling Authority: Procedures for claims handling if agent is authorized to process claims
4. Premium Collection: Procedures for collecting and handling premiums if agent has collection authority
5. Training Requirements: Specific training obligations beyond regulatory minimums - optional based on insurer's requirements
6. Performance Targets: Sales or performance targets - optional based on business model
7. IT Systems and Security: Requirements for using insurer's systems - relevant if shared systems are used
1. Schedule 1 - Products and Services: List of insurance products and services the agent is authorized to sell
2. Schedule 2 - Commission Rates: Detailed commission structures and rates for different products
3. Schedule 3 - Territory: Detailed description of geographical territory or market segments
4. Schedule 4 - Regulatory Requirements: Specific regulatory requirements and compliance procedures
5. Schedule 5 - Service Level Agreement: Detailed service standards and performance metrics
6. Appendix A - Required Documentation: Templates and forms for required documentation
7. Appendix B - Reporting Requirements: Formats and timelines for required reports
Authors
Agent
Applicable Laws
Appointed Representative
Authorised Person
Business Day
Central Bank
Claims
Client
Commencement Date
Commission
Confidential Information
Consumer Protection Code
Data Protection Laws
Effective Date
GDPR
Group
IDD
Insurance Business
Insurance Products
Intellectual Property Rights
Minimum Business Requirements
Net Premium
Personal Data
PII
Policy
Premium
Principal
Products
Professional Indemnity Insurance
Regulatory Requirements
Related Entities
Relevant Territory
Sales Documentation
Services
Sub-Agent
Term
Territory
Training Materials
Underwriting Guidelines
Authority
Agency
Regulatory Compliance
Licensing
Commission
Remuneration
Performance Standards
Service Levels
Reporting
Confidentiality
Data Protection
GDPR Compliance
Professional Indemnity
Insurance Requirements
Anti-Money Laundering
Consumer Protection
Training
Marketing
Intellectual Property
Non-Compete
Non-Solicitation
Record Keeping
Audit Rights
Termination
Force Majeure
Indemnification
Limitation of Liability
Assignment
Variation
Notices
Governing Law
Dispute Resolution
Entire Agreement
Severability
Third Party Rights
Counterparts
Insurance
Financial Services
Insurance Broking
Risk Management
Wealth Management
Life Insurance
General Insurance
Commercial Insurance
Retail Insurance
Reinsurance
Legal
Compliance
Risk Management
Distribution
Sales
Operations
Commercial
Regulatory Affairs
Product Development
Agency Management
Business Development
Partner Relations
Underwriting
Chief Executive Officer
Legal Counsel
Compliance Officer
Risk Manager
Head of Distribution
Sales Director
Business Development Manager
Insurance Agent
Broker Relationship Manager
Operations Director
Commercial Director
Regulatory Affairs Manager
Insurance Product Manager
Agency Manager
Distribution Network Manager
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