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Insurance Broker Contract
"I need an Insurance Broker Contract for my Malaysian insurance company to appoint a broker who will sell life and general insurance products in the Kuala Lumpur region, with the agreement starting from March 2025 and including strict compliance with Bank Negara Malaysia regulations."
1. Parties: Identification of the insurance broker and the principal company, including licensing details and registration numbers
2. Background: Context of the agreement, including the broker's qualifications and the principal's business nature
3. Definitions: Key terms used throughout the agreement, including regulatory terms as defined in Malaysian legislation
4. Appointment and Scope: Formal appointment of the broker and detailed scope of authorized insurance broking services
5. Broker's Duties and Responsibilities: Comprehensive listing of broker's obligations, including regulatory compliance, client service standards, and reporting requirements
6. Principal's Obligations: Company's responsibilities, including provision of information, support, and marketing materials
7. Compliance Requirements: Specific regulatory compliance obligations under Malaysian law and Bank Negara Malaysia guidelines
8. Compensation and Fees: Structure of commissions, fees, and payment terms
9. Confidentiality and Data Protection: Obligations regarding client data protection and business confidentiality
10. Term and Termination: Duration of agreement and circumstances for termination
11. Indemnification and Insurance: Professional indemnity requirements and mutual indemnification provisions
12. Governing Law and Jurisdiction: Specification of Malaysian law as governing law and jurisdiction for disputes
1. Marketing and Branding: Guidelines for use of principal's branding and marketing materials, used when broker has marketing responsibilities
2. Training Requirements: Specific training obligations and professional development requirements, included when principal provides training
3. Sub-Broking Arrangements: Terms for engaging sub-brokers, included when sub-broking is permitted
4. Digital Services: Terms for online platforms and digital tools, included when digital services are part of the offering
5. International Operations: Additional terms for cross-border activities, included when broker operates internationally
6. Special Lines of Business: Specific terms for specialized insurance products, included when dealing with special insurance lines
1. Schedule A - Commission Structure: Detailed breakdown of commission rates for different insurance products
2. Schedule B - Service Level Agreement: Specific performance metrics and service standards
3. Schedule C - Compliance Procedures: Detailed procedures for regulatory compliance and reporting
4. Schedule D - Approved Insurance Products: List of insurance products the broker is authorized to sell
5. Schedule E - Required Reports: Templates and timing for required regulatory and business reports
6. Appendix 1 - Professional Qualifications: Copies of broker's licenses and professional certifications
7. Appendix 2 - Data Protection Protocols: Detailed procedures for handling client data and maintaining confidentiality
Authors
Applicable Laws
Bank Negara Malaysia
Broker Commission
Business Day
Claim
Client
Commencement Date
Confidential Information
Financial Services Act
Insurance Policy
Insurance Products
Insurance Provider
Licensed Activities
Personal Data
Premium
Principal
Professional Indemnity Insurance
Regulatory Requirements
Services
Territory
Term
Termination Date
Underwriting Guidelines
Authority
Broker Duties
Commission
Compliance
Confidentiality
Data Protection
Dispute Resolution
Force Majeure
Governing Law
Indemnification
Insurance Requirements
Intellectual Property
License Maintenance
Non-Competition
Non-Solicitation
Notice
Professional Standards
Record Keeping
Regulatory Reporting
Representations and Warranties
Service Standards
Severability
Sub-Contracting
Term and Termination
Training
Variation
Waiver
Insurance
Financial Services
Banking
Risk Management
Corporate Services
Professional Services
Healthcare
Real Estate
Manufacturing
Construction
Maritime
Aviation
Legal
Compliance
Risk Management
Operations
Finance
Sales
Business Development
Regulatory Affairs
Underwriting
Product Development
Agency Management
Executive Leadership
Insurance Broker
Compliance Officer
Legal Counsel
Risk Manager
Insurance Underwriter
Business Development Manager
Operations Manager
Chief Financial Officer
Insurance Sales Director
Regulatory Affairs Manager
Contract Manager
Agency Director
Chief Executive Officer
Insurance Products Manager
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