Insurance Broker Contract Template for India

The Insurance Broker Contract serves as a crucial legal document in the Indian insurance market, establishing the terms and conditions between licensed insurance brokers and their clients. This agreement is essential when engaging professional insurance intermediary services and must comply with the Insurance Regulatory and Development Authority of India (IRDAI) regulations, particularly the IRDAI (Insurance Brokers) Regulations, 2018. The contract defines the scope of broking services, compensation structure, regulatory compliance requirements, and professional obligations. It is typically used when businesses or individuals seek professional assistance in risk assessment, insurance placement, and claims management, ensuring a clear understanding of the service relationship while maintaining regulatory compliance.

1. Parties: Identification of the Insurance Broker and the Client, including registration details and contact information

2. Background: Context of the agreement, including broker's IRDAI registration details and client's business nature

3. Definitions: Key terms used throughout the agreement, including regulatory terms as per IRDAI guidelines

4. Scope of Services: Detailed description of insurance broking services to be provided, including risk assessment, policy placement, and claims assistance

5. Broker's Obligations: Duties and responsibilities of the broker as per IRDAI regulations and professional standards

6. Client's Obligations: Responsibilities of the client including information disclosure and premium payment obligations

7. Compensation: Fee structure, commission arrangements, and payment terms in compliance with IRDAI regulations

8. Confidentiality: Provisions for handling confidential information and client data protection

9. Term and Termination: Duration of the agreement and conditions for termination

10. Compliance with Laws: Commitment to comply with IRDAI regulations and other applicable laws

11. Indemnification: Mutual indemnification provisions and liability limitations

12. Dispute Resolution: Process for resolving disputes, including jurisdiction and governing law

13. General Provisions: Standard clauses including notices, amendments, and assignment restrictions