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Agency Agreement (Insurance)

Agency Agreement (Insurance) Template for New Zealand

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Key Requirements PROMPT example:

Agency Agreement (Insurance)

"I need an Insurance Agency Agreement for my New Zealand insurance company to appoint a broker with operations in both NZ and Australia, with authority to sell our full range of commercial insurance products and handle claims up to NZD 50,000, planned to commence on March 1, 2025."

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Document background
The Insurance Agency Agreement (Insurance) serves as the foundational document for establishing authorized distribution relationships in New Zealand's insurance sector. It is typically used when an insurance company wishes to appoint an agent or broker to sell and distribute its insurance products. The agreement comprehensively addresses crucial aspects such as regulatory compliance, commission structures, operational procedures, and service standards, all within the context of New Zealand's legal framework. This document is essential for ensuring clear understanding between parties and compliance with key legislation including the Insurance Law Reform Act 1977, Financial Markets Conduct Act 2013, and the Insurance Intermediaries Act 1994. It protects both the insurer's and agent's interests while establishing professional standards for insurance distribution.
Suggested Sections

1. Parties: Identifies and provides full legal details of the insurer and the insurance agent/broker

2. Background: Sets out the context of the agreement, including the insurer's business, the agent's qualifications, and the purpose of the arrangement

3. Definitions: Defines key terms used throughout the agreement

4. Appointment and Scope: Details of the agent's appointment, territory, and authorized activities

5. Agent's Authority: Specific powers granted to the agent and limitations on authority

6. Regulatory Compliance: Obligations regarding licensing, registration, and compliance with relevant laws

7. Duties and Responsibilities: Detailed obligations of the agent including sales, reporting, and customer service requirements

8. Commission Structure: Details of commission rates, calculation methods, and payment terms

9. Professional Standards: Required qualifications, training, and conduct standards

10. Reporting and Records: Requirements for maintaining records and reporting to the insurer

11. Confidentiality: Obligations regarding confidential information and data protection

12. Intellectual Property: Usage rights and restrictions regarding the insurer's brands and materials

13. Term and Termination: Duration of agreement and circumstances for termination

14. Post-Termination Obligations: Duties and restrictions following agreement termination

15. Dispute Resolution: Process for handling disputes between parties

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

Optional Sections

1. Sub-Agents: Include when the agent is permitted to appoint sub-agents

2. International Operations: Include for agents operating across multiple jurisdictions

3. Premium Handling: Include when agent collects premiums on behalf of insurer

4. Claims Handling Authority: Include when agent is authorized to handle claims

5. Marketing and Advertising: Include when agent has significant marketing responsibilities

6. Technology Requirements: Include when specific software or systems are required

7. Training Programs: Include when insurer provides specific training programs

8. Performance Targets: Include when agreement includes specific performance metrics

9. Non-Compete Provisions: Include when restrictive covenants are required

Suggested Schedules

1. Schedule 1: Commission Rates: Detailed breakdown of commission structures for different products

2. Schedule 2: Authorized Products: List of insurance products the agent is authorized to sell

3. Schedule 3: Territory: Detailed description of authorized geographic territory

4. Schedule 4: Reporting Templates: Standard forms for regular reporting requirements

5. Schedule 5: Service Level Requirements: Specific performance and service standards

6. Appendix A: Compliance Procedures: Detailed compliance requirements and procedures

7. Appendix B: Brand Guidelines: Rules for using insurer's branding and marketing materials

8. Appendix C: Technology Specifications: Technical requirements for systems integration

9. Appendix D: Training Requirements: Details of mandatory training and certifications

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

Professional Services

Financial Technology

Wealth Management

Corporate Services

Insurance Broking

Financial Advisory

Relevant Teams

Legal

Compliance

Risk Management

Operations

Sales

Distribution

Underwriting

Business Development

Product Development

Partner Relations

Contract Administration

Relevant Roles

Insurance Agent

Insurance Broker

Compliance Officer

Legal Counsel

Risk Manager

Business Development Manager

Insurance Sales Manager

Chief Executive Officer

Operations Manager

Underwriting Manager

Distribution Manager

Agency Manager

Compliance Manager

Contract Administrator

Insurance Product Manager

Regional Sales Director

Channel Partner 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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