The Insurance Agent Independent Contractor Agreement is essential when insurance companies engage independent agents to sell their products while maintaining a clear contractor relationship rather than employment status. This document, governed by English and Welsh law, encompasses crucial elements including regulatory compliance, commission structures, operational procedures, and data protection requirements. It ensures adherence to FCA regulations and relevant insurance legislation while clearly defining the scope of the agent's authority and responsibilities. The agreement is particularly important for maintaining compliance with both insurance regulations and independent contractor status requirements.
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1. 1. Parties: Identification of the insurance company and independent agent
2. 2. Background: Context of the agreement and relationship between parties
3. 3. Definitions: Key terms used throughout the agreement including regulatory terms
4. 4. Appointment and Scope: Terms of agent appointment and authorized activities
5. 5. Regulatory Compliance: FCA requirements and regulatory obligations under FSMA and other applicable laws
6. 6. Commission Structure: Payment terms and commission calculations
7. 7. Independent Contractor Status: Clarification of non-employee relationship and IR35 considerations
8. 8. Obligations and Duties: Agent's responsibilities and performance standards
9. 9. Data Protection: Compliance with UK GDPR and Data Protection Act 2018
10. 10. Anti-Money Laundering: Compliance with AML regulations and reporting requirements
11. 11. Term and Termination: Duration and termination provisions
12. 12. Confidentiality: Protection of confidential information and trade secrets
1. Training Requirements: Specific training obligations and ongoing professional development requirements
2. Territory Restrictions: Geographical limitations on agent's activities and territorial exclusivity provisions
3. Marketing Guidelines: Rules for marketing and promotional activities in compliance with FCA requirements
4. Non-Compete Provisions: Restrictions on competing activities during and after the agreement term
5. Professional Indemnity Insurance: Requirements for maintaining professional indemnity insurance coverage
1. Schedule 1: Commission Structure: Detailed breakdown of commission rates, calculations, and payment terms
2. Schedule 2: Approved Products: List of insurance products agent is authorized to sell or promote
3. Schedule 3: Compliance Procedures: Detailed regulatory compliance requirements and procedures
4. Schedule 4: Required Documentation: Forms and documents required for policy sales and customer onboarding
5. Schedule 5: Service Level Agreement: Performance metrics, standards, and reporting requirements
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