The Insurance Producer Agreement is a crucial document in the Australian insurance industry that formalizes the business relationship between insurance companies and their distribution partners. This agreement is essential when an insurer wishes to authorize external parties to sell and manage their insurance products. It covers critical aspects such as licensing requirements, commission structures, compliance obligations, and operational procedures, all while ensuring adherence to Australian regulatory requirements including ASIC regulations, the Insurance Contracts Act 1984, and the Corporations Act 2001. The agreement is particularly important in today's complex regulatory environment, where proper documentation of responsibilities and obligations is essential for risk management and regulatory compliance.
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1. Parties: Identifies the insurer and the insurance producer, including their respective ABNs and licensing details
2. Background: Sets out the context of the agreement, including the producer's qualifications and the insurer's authorization to conduct insurance business
3. Definitions and Interpretation: Defines key terms used throughout the agreement and establishes interpretation principles
4. Appointment and Scope: Details the producer's appointment, territory, and authorized insurance products
5. Licensing and Compliance: Outlines requirements for maintaining necessary licenses and compliance with regulatory obligations
6. Producer's Obligations: Specifies the producer's duties, responsibilities, and service standards
7. Insurer's Obligations: Details the insurer's responsibilities, including training, documentation, and support
8. Commission and Remuneration: Establishes commission structures, payment terms, and calculation methods
9. Premium Collection and Handling: Sets out procedures for collecting, handling, and remitting premiums
10. Records and Reporting: Specifies record-keeping requirements and reporting obligations
11. Intellectual Property: Addresses ownership and usage of trademarks, materials, and systems
12. Confidentiality and Privacy: Contains obligations regarding confidential information and privacy compliance
13. Term and Termination: Specifies agreement duration and circumstances for termination
14. Post-Termination Obligations: Outlines obligations and procedures following agreement termination
15. Dispute Resolution: Details procedures for handling disputes between parties
16. General Provisions: Contains standard boilerplate clauses including notices, assignment, and governing law
1. Marketing and Advertising: Details requirements for marketing activities and approval processes - include when producer will conduct significant marketing
2. Professional Indemnity Insurance: Specifies PI insurance requirements - include when not covered in Producer's Obligations
3. Sub-Producer Arrangements: Governs the appointment and management of sub-producers - include when sub-producers are permitted
4. Technology and Systems: Details requirements for using insurer's systems - include when specific technology platforms are provided
5. Training Requirements: Specifies detailed training obligations - include when complex products require specific training
6. Claims Handling: Outlines producer's role in claims process - include when producer has claims handling authority
7. Performance Targets: Sets specific performance metrics - include when commission structures are performance-based
8. Cluster Group Arrangements: Addresses participation in cluster groups - include when producer is part of a cluster arrangement
1. Schedule 1 - Authorized Products: Lists all insurance products the producer is authorized to sell
2. Schedule 2 - Commission Rates: Details commission rates and structures for each product type
3. Schedule 3 - Service Level Requirements: Specifies performance standards and service level expectations
4. Schedule 4 - Reporting Requirements: Details required reports, frequencies, and formats
5. Schedule 5 - Territory: Defines geographical areas where producer is authorized to operate
6. Appendix A - Compliance Procedures: Details specific compliance requirements and procedures
7. Appendix B - Document Ƶ: Contains standard forms and templates to be used
8. Appendix C - Systems Access and Security: Specifies IT systems access protocols and security requirements
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