Insurance Introducer Agreement Template for Malaysia

The Insurance Introducer Agreement is essential for insurance companies operating in Malaysia who wish to expand their distribution channels through authorized introducers. This document is used when an insurer wants to formally appoint an individual or company to introduce potential clients, while ensuring compliance with Malaysian regulatory requirements, particularly the Financial Services Act 2013 and Bank Negara Malaysia guidelines. The agreement covers crucial aspects such as scope of services, regulatory compliance, commission structures, and data protection obligations. It's particularly relevant in the context of Malaysia's dual financial system, accommodating both conventional insurance and takaful products, and includes specific provisions to address anti-money laundering requirements and consumer protection measures.

1. Parties: Identifies the insurance company and the introducer, including their registration details and registered addresses

2. Background: Sets out the context of the agreement, including the insurer's authority to conduct insurance business and the introducer's desire to introduce potential clients

3. Definitions: Defines key terms used throughout the agreement, including technical insurance terms and regulatory references

4. Appointment and Scope: Details the formal appointment of the introducer and the exact scope of permitted activities

5. Regulatory Compliance: Outlines the regulatory obligations and compliance requirements under Malaysian law, including FSA 2013 requirements

6. Introducer's Obligations: Lists the specific duties, responsibilities and restrictions on the introducer's activities

7. Insurer's Obligations: Details the insurance company's responsibilities and commitments

8. Commission and Payment: Specifies the commission structure, payment terms, and related conditions

9. Confidentiality: Sets out confidentiality obligations and data protection requirements under PDPA 2010

10. Term and Termination: Specifies the duration of the agreement and circumstances for termination

11. Anti-Money Laundering Compliance: Details AML/CTF obligations and compliance requirements

12. Records and Audit: Specifies record-keeping requirements and audit rights

13. Indemnity and Liability: Outlines mutual indemnifications and liability limitations

14. General Provisions: Contains standard boilerplate clauses including notices, assignment, and governing law