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Buy And Sell Agreement (Insurance)
"I need a Buy and Sell Agreement (Insurance) for a corporate group health insurance arrangement between ABC Insurance Ltd and Tech Solutions Pvt Ltd, covering 5000 employees across India, with the agreement to commence from March 1, 2025."
1. Parties: Identification of all parties to the agreement including full legal names, addresses, and registration details
2. Background: Context of the agreement, including brief description of the parties' businesses and purpose of the agreement
3. Definitions: Detailed definitions of terms used throughout the agreement
4. Scope of Agreement: Details of the insurance products/policies covered under the agreement
5. Purchase Price and Payment Terms: Premium amounts, payment schedules, and methods of payment
6. Representations and Warranties: Statements of fact and assurances from both parties regarding their capacity, authority, and compliance with regulations
7. Obligations of the Seller: Responsibilities of the insurance provider including policy issuance, claims processing, and service standards
8. Obligations of the Buyer: Responsibilities of the purchaser including premium payments and disclosure requirements
9. Regulatory Compliance: Compliance requirements with IRDAI regulations and other applicable laws
10. Term and Termination: Duration of the agreement and circumstances under which it can be terminated
11. Confidentiality: Provisions for handling confidential information and data protection
12. Dispute Resolution: Procedures for resolving disputes including jurisdiction and governing law
13. General Provisions: Standard clauses including notices, amendments, and severability
1. Cross-Border Provisions: Required when the agreement involves international parties or transactions
2. Commission Structure: Needed when intermediaries are involved in the insurance distribution
3. Special Risk Provisions: Required for specialized insurance products or high-risk coverage
4. Digital Distribution: Necessary when the insurance products are sold through digital platforms
5. Policyholder Services: Detailed service standards when the agreement includes ongoing service commitments
6. Marketing and Branding: Required when the agreement includes co-branding or marketing arrangements
7. Data Protection and Privacy: Enhanced provisions when dealing with sensitive personal data or cross-border data transfers
8. Force Majeure: Detailed provisions for extraordinary circumstances affecting policy performance
1. Schedule A - Product Details: Detailed specifications of insurance products covered under the agreement
2. Schedule B - Premium Calculation: Detailed premium calculation methodologies and rate tables
3. Schedule C - Service Level Agreement: Specific service standards and performance metrics
4. Schedule D - Claims Processing Procedures: Detailed procedures for claims handling and settlement
5. Schedule E - Commission Structure: Detailed breakdown of commission rates and payment terms
6. Schedule F - Compliance Checklist: List of regulatory requirements and compliance procedures
7. Appendix 1 - Required Documents: List of documents required for policy issuance and claims
8. Appendix 2 - Contact Details: Key contact information for both parties including escalation matrix
Authors
Insurance
Financial Services
Banking
Healthcare
Manufacturing
Retail
Technology
Real Estate
Transportation
Energy
Construction
Legal
Compliance
Risk Management
Finance
Insurance
Treasury
Operations
Underwriting
Claims Processing
Business Development
Corporate Affairs
Procurement
Chief Executive Officer
Chief Financial Officer
Chief Risk Officer
Insurance Manager
Legal Counsel
Compliance Officer
Risk Manager
Corporate Insurance Manager
Insurance Broker
Underwriting Manager
Claims Manager
Business Development Manager
Contract Manager
Corporate Treasury Manager
Financial Controller
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