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The Insurance Agent Commission Split Agreement is essential for Australian insurance agencies and brokerages establishing formal commission-sharing arrangements with their agents. This document is typically used when an agency engages independent agents or producers and needs to formalize the financial aspects of their relationship. It covers critical elements such as commission percentages, calculation methods, payment schedules, and clawback provisions, while ensuring compliance with Australian regulatory requirements, including the Insurance Contracts Act 1984 (Cth) and ASIC regulations. The agreement is particularly important in the context of Australian insurance industry practices, where clear documentation of commission arrangements is mandatory for regulatory compliance and transparency.

1. Parties: Identifies the parties to the agreement, including licensed insurance agency/brokerage and the agent

2. Background: Outlines the context of the agreement, including the agency's authority to sell insurance and the agent's qualifications

3. Definitions: Defines key terms including types of commission, insurance products, and calculation periods

4. Appointment and Scope: Details the appointment of the agent and scope of authorized insurance products

5. Commission Structure: Specifies the basic commission split percentages and calculation methods

6. Payment Terms: Outlines when and how commissions will be paid, including payment frequency and methods

7. Obligations of the Agency: Lists the agency's responsibilities regarding commission payments, support, and compliance

8. Obligations of the Agent: Details the agent's duties, compliance requirements, and performance standards

9. Regulatory Compliance: Addresses compliance with insurance regulations and disclosure requirements

10. Record Keeping: Specifies requirements for maintaining commission and client records

11. Confidentiality: Protects confidential information of both parties and clients

12. Term and Termination: Sets out the agreement duration and termination provisions

13. Post-Termination Obligations: Describes obligations and commission arrangements after termination

14. Dispute Resolution: Establishes procedures for resolving disagreements

15. General Provisions: Includes standard clauses like governing law, amendments, and notices