Binding Authority Agreement Template for New Zealand

1. Sub-Delegation: Required when the coverholder is permitted to delegate authority to other parties

2. Claims Handling Authority: Include when the coverholder is given authority to handle claims

3. IT Systems and Security: Required when specific systems or security protocols are mandated

4. Profit Commission: Include when profit sharing arrangements are part of the agreement

5. Marketing and Branding: Required when the coverholder has permission to use the insurer's branding

6. Staff Requirements: Include when specific staffing levels or qualifications are required

7. Business Continuity: Required for high-volume or critical business relationships

8. Sanctions: Required when dealing with international business or high-risk territories

1. Schedule A - Classes of Business: Details the specific classes of insurance business covered

2. Schedule B - Underwriting Guidelines: Detailed guidelines including limits, exclusions, and rating factors

3. Schedule C - Commission Structure: Detailed breakdown of commission rates and payment terms

4. Schedule D - Reporting Templates: Templates for required regular reports

5. Schedule E - Service Levels: Specific performance metrics and service standards

6. Schedule F - Claims Handling Procedures: Detailed procedures for claims handling if applicable

7. Appendix 1 - Policy Wording: Standard policy wordings to be used

8. Appendix 2 - Systems Access and Security: Technical specifications for systems access and security protocols

9. Appendix 3 - Contact Details: Key contacts at both insurer and coverholder