The Insurance Agent Release Form is a critical document used in the Philippine insurance industry when formally terminating an agency relationship between an insurance company and its agent. This document is essential when an insurance agent's appointment needs to be terminated, whether by mutual agreement or unilateral decision, and requires careful consideration of the Insurance Code of the Philippines (Republic Act No. 10607), relevant Insurance Commission regulations, and Civil Code provisions on agency. The form typically includes provisions for final commission settlements, return of company property, confidentiality obligations, and client transition arrangements. It serves to protect both parties' interests while ensuring compliance with Philippine regulatory requirements and proper documentation of the termination process.
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1. Parties: Identification of the Insurance Company and the Insurance Agent, including license numbers and contact details
2. Background: Brief description of the agency relationship, including original appointment date and general scope of authority
3. Definitions: Key terms used in the release form, including but not limited to 'Agency Agreement', 'Effective Date', and 'Confidential Information'
4. Termination Acknowledgment: Clear statement of the mutual agreement to terminate the agency relationship and the effective date
5. Return of Company Property: Requirements for returning all company materials, documents, ID cards, and other property
6. Final Commission Settlement: Details of final commission payments, including timing and calculation method
7. Confidentiality Obligations: Ongoing obligations regarding confidential information and trade secrets
8. Release of Claims: Mutual release of claims and liabilities between parties
9. Governing Law: Specification that the agreement is governed by Philippine law
10. Execution: Signature blocks and notarization requirements
1. Non-Compete Clause: Restrictions on agent's future insurance activities - include if required by original agency agreement
2. Client Transition: Process for transitioning existing clients - include if agent has significant client portfolio
3. Outstanding Loans: Settlement of any outstanding loans or advances - include if applicable
4. Post-Termination Assistance: Terms for any required post-termination cooperation - include if ongoing matters need resolution
5. Insurance Commission Notification: Process for notifying the Insurance Commission - include if required by regulations
6. Data Privacy Compliance: Specific provisions regarding handling of personal data - include if agent had access to significant customer data
1. Schedule A - Final Commission Statement: Detailed breakdown of final commission calculations and payment schedule
2. Schedule B - Company Property Checklist: Itemized list of company property to be returned
3. Schedule C - Active Policy List: List of active policies handled by the agent requiring transition
4. Appendix 1 - Release Certification: Standard form certifying completion of all release requirements
5. Appendix 2 - Confidential Information Acknowledgment: Detailed list of confidential information categories and handling requirements
Authors
Relevant legal definitions
Clauses
Relevant Industries
Insurance
Financial Services
Risk Management
Professional Services
Financial Advisory
Insurance Brokerage
Life Insurance
General Insurance
Healthcare Insurance
Relevant Teams
Legal
Compliance
Human Resources
Agency Operations
Sales Administration
Risk Management
Distribution
Agent Relations
Commission Processing
Regulatory Affairs
Relevant Roles
Insurance Agent
Agency Manager
Compliance Officer
Legal Counsel
Human Resources Manager
Agency Development Officer
Risk Manager
Insurance Operations Manager
Regional Sales Director
Chief Agency Officer
Licensing Officer
Distribution Channel Manager
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