The Insurance Agency Agreement (Insurance) is a critical document used to establish and govern the relationship between insurance companies and their distribution partners in Ireland. This agreement is essential when an insurer wishes to appoint an agent to sell and distribute its insurance products, ensuring compliance with the European Union (Insurance Distribution) Regulations 2018 and Irish financial services law. The document covers key aspects including appointment terms, regulatory compliance, commission structures, operational procedures, and termination provisions. It must align with Central Bank of Ireland requirements and incorporate provisions for consumer protection, data protection, and anti-money laundering compliance. The agreement is particularly important given the regulated nature of insurance distribution in Ireland and the need for clear delineation of responsibilities between insurers and their agents.
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1. Parties: Identification of the insurance company (principal) and the agent, including their registered addresses and company numbers
2. Background: Context of the agreement, including the insurer's authorization status and the agent's qualifications
3. Definitions: Definitions of key terms used throughout the agreement
4. Appointment and Scope: Terms of the agent's appointment, territory, and scope of authority
5. Regulatory Compliance: Obligations regarding regulatory compliance, including IDD requirements and Central Bank regulations
6. Agent's Duties and Responsibilities: Detailed obligations of the agent, including sales practices, reporting, and customer service requirements
7. Insurer's Duties and Responsibilities: Obligations of the insurer, including support, training, and documentation
8. Commission and Payment Terms: Commission structure, payment terms, and related financial arrangements
9. Professional Indemnity Insurance: Requirements for maintaining professional indemnity insurance
10. Data Protection and Confidentiality: GDPR compliance requirements and confidentiality obligations
11. Term and Termination: Duration of the agreement and circumstances for termination
12. Post-Termination Obligations: Obligations of both parties after termination
13. General Provisions: Standard legal provisions including governing law, notices, and entire agreement
1. Non-Compete Clause: Restrictions on the agent's ability to represent competing insurers - optional depending on business model
2. Marketing and Branding: Rules for use of insurer's brands and marketing materials - relevant if agent markets under insurer's brand
3. Claims Handling Authority: Procedures for claims handling if agent is authorized to process claims
4. Premium Collection: Procedures for collecting and handling premiums if agent has collection authority
5. Training Requirements: Specific training obligations beyond regulatory minimums - optional based on insurer's requirements
6. Performance Targets: Sales or performance targets - optional based on business model
7. IT Systems and Security: Requirements for using insurer's systems - relevant if shared systems are used
1. Schedule 1 - Products and Services: List of insurance products and services the agent is authorized to sell
2. Schedule 2 - Commission Rates: Detailed commission structures and rates for different products
3. Schedule 3 - Territory: Detailed description of geographical territory or market segments
4. Schedule 4 - Regulatory Requirements: Specific regulatory requirements and compliance procedures
5. Schedule 5 - Service Level Agreement: Detailed service standards and performance metrics
6. Appendix A - Required Documentation: Ƶ and forms for required documentation
7. Appendix B - Reporting Requirements: Formats and timelines for required reports
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