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Binding Authority Agreement

Binding Authority Agreement Template for Nigeria

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Key Requirements PROMPT example:

Binding Authority Agreement

"I need a Binding Authority Agreement under Nigerian law for delegating property insurance underwriting authority to a Lagos-based coverholder, with authority limits of up to 50 million Naira per risk and specific provisions for catastrophe coverage exclusions."

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Document background
The Binding Authority Agreement is a crucial document in the Nigerian insurance market that establishes the framework for delegated underwriting arrangements. It is used when an insurance company wishes to authorize a coverholder to underwrite insurance business on its behalf, subject to specific terms, conditions, and limitations. The agreement must comply with Nigerian insurance regulations, particularly those set by NAICOM, and includes detailed provisions on authority limits, compliance requirements, reporting obligations, and operational procedures. This document is essential for managing delegated authority relationships in the Nigerian insurance sector and typically requires regulatory notification or approval. It should address all aspects of the delegation arrangement, including risk management, financial controls, and regulatory compliance mechanisms.
Suggested Sections

1. Parties: Identification of the delegating insurer and the coverholder, including full legal names and addresses

2. Background: Context of the agreement and relationship between parties

3. Definitions: Defined terms used throughout the agreement

4. Appointment and Scope: Terms of appointment and precise scope of authority delegated

5. Duration: Period of the agreement, including commencement date and renewal terms

6. Authority Limits: Specific limitations on the coverholder's authority, including financial limits and classes of business

7. Duties and Responsibilities: Detailed obligations of the coverholder in exercising the delegated authority

8. Regulatory Compliance: Compliance requirements under Nigerian law and NAICOM regulations

9. Premium and Claims Handling: Procedures for premium collection and claims management

10. Reporting Requirements: Regular reporting obligations and documentation requirements

11. Remuneration: Commission structure and payment terms

12. Records and Audit Rights: Record-keeping requirements and insurer's audit rights

13. Confidentiality: Confidentiality obligations and data protection requirements

14. Termination: Termination rights and procedures

15. Post-Termination Obligations: Obligations surviving termination of the agreement

16. Dispute Resolution: Process for resolving disputes under Nigerian law

17. General Provisions: Standard boilerplate clauses including notices, amendments, and governing law

Optional Sections

1. Third-Party Service Providers: Requirements and obligations when using third-party service providers

2. IT Systems and Security: Specific requirements for IT systems, security protocols, and data protection

3. International Business: Additional requirements for conducting international insurance business

4. Sanctions: Specific provisions regarding compliance with international sanctions

5. Staff Requirements: Specific requirements for staff qualifications and training

6. Business Continuity: Requirements for business continuity and disaster recovery

7. Marketing and Branding: Rules regarding use of insurer's branding and marketing materials

8. Profit Commission: Additional profit-sharing arrangements if applicable

Suggested Schedules

1. Schedule A - Authority Limits: Detailed breakdown of authority limits by class of business

2. Schedule B - Commission Rates: Detailed commission structure and calculations

3. Schedule C - Reporting Templates: Standard formats for required reports

4. Schedule D - Claims Handling Procedures: Detailed procedures for claims handling

5. Schedule E - Compliance Requirements: Specific compliance procedures and checklists

6. Schedule F - Service Levels: Agreed service levels and performance metrics

7. Appendix 1 - Required Documents: List of required documentation for policy issuance

8. Appendix 2 - Systems Access: Procedures for systems access and security protocols

9. Appendix 3 - Staff Requirements: Minimum qualification requirements for key staff positions

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions






















































Clauses


















































Relevant Industries

Insurance

Financial Services

Risk Management

Legal Services

Regulatory Compliance

Banking

Corporate Services

Insurance Broking

Reinsurance

Claims Management

Relevant Teams

Legal

Compliance

Underwriting

Risk Management

Operations

Claims

Finance

Regulatory Affairs

Business Development

Corporate Governance

Internal Audit

Product Development

Relevant Roles

Chief Executive Officer

Chief Underwriting Officer

Compliance Officer

Legal Counsel

Risk Manager

Operations Director

Claims Manager

Underwriting Manager

Business Development Manager

Regulatory Affairs Manager

Managing Director

Insurance Operations Manager

Chief Risk Officer

Company Secretary

Head of Delegated Authority

Relationship Manager

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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