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Insurance Agent Agreement
"I need an Insurance Agent Agreement under Irish law for appointing an independent agent to sell our life and health insurance products in Dublin, with specific provisions for online sales and commission structures based on performance targets."
1. Parties: Identifies the insurance company (principal) and the insurance agent, including their registered addresses and company numbers
2. Background: Outlines the context of the agreement, including the insurer's authorization status and the agent's qualifications
3. Definitions: Defines key terms used throughout the agreement, including regulatory terms specific to Irish insurance law
4. Appointment and Scope: Details of the agent's appointment, territory, and authorized insurance products
5. Regulatory Compliance: Obligations regarding Insurance Distribution Regulations, Consumer Protection Code, and other relevant regulations
6. Agent's Duties and Responsibilities: Core obligations including sales practices, record keeping, and customer service standards
7. Commission and Payment Terms: Structure of commissions, payment terms, and clawback provisions
8. Training and Competency: Requirements for maintaining professional qualifications and ongoing training
9. Data Protection and Confidentiality: GDPR compliance obligations and confidentiality requirements
10. Professional Indemnity Insurance: Requirements for maintaining adequate professional indemnity coverage
11. Term and Termination: Duration of agreement and circumstances for termination
12. Post-Termination Obligations: Obligations after agreement ends, including handling of customer records
13. Governing Law and Jurisdiction: Confirmation of Irish law governance and jurisdiction
1. Non-Compete Clause: Restrictions on agent's ability to represent competing insurers, used when exclusivity is required
2. Marketing and Branding: Rules for using insurer's branding and marketing materials, included when agent will conduct marketing activities
3. IT Systems and Security: Requirements for using insurer's systems and security protocols, needed when providing access to proprietary systems
4. Performance Targets: Specific sales or performance goals, included when the agreement is performance-based
5. Audit Rights: Extended audit provisions beyond standard regulatory requirements, used for closer oversight
6. Sub-Agency Arrangements: Terms for appointing sub-agents, included when sub-agency is permitted
7. Claims Handling Authority: Procedures for handling claims, included when agent has claims processing authority
1. Schedule 1 - Products and Services: Detailed list of insurance products and services the agent is authorized to sell
2. Schedule 2 - Commission Structure: Detailed commission rates and terms for different products and scenarios
3. Schedule 3 - Territory: Detailed description of geographical territory or market segments
4. Schedule 4 - Minimum Professional Requirements: Specific qualifications and certifications required
5. Schedule 5 - Service Level Agreement: Detailed performance metrics and service standards
6. Appendix A - Regulatory Compliance Checklist: Checklist of key regulatory requirements and compliance procedures
7. Appendix B - Data Protection Requirements: Detailed GDPR compliance requirements and procedures
8. Appendix C - Required Reports and Forms: Templates for required reporting and documentation
Authors
Insurance
Financial Services
Risk Management
Compliance
Legal Services
Insurance Brokerage
Reinsurance
Insurance Technology
Professional Services
Legal
Compliance
Risk Management
Sales
Distribution
Operations
Commercial
Regulatory Affairs
Business Development
Agency Management
Product Development
Underwriting
Insurance Agent
Compliance Officer
Legal Counsel
Insurance Broker
Business Development Manager
Risk Manager
Sales Director
Distribution Manager
Agency Manager
Regulatory Affairs Manager
Insurance Operations Manager
Commercial Director
Managing Director
Chief Operating Officer
Chief Compliance Officer
Head of Distribution
Head of Sales
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