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The Insurance Agent Agreement is a crucial document used when an insurance company wishes to appoint an agent or broker to sell and distribute its insurance products in New Zealand. This agreement is essential for compliance with New Zealand's regulatory framework, including the Financial Markets Conduct Act 2013 and Insurance Intermediaries Act 1994. It establishes the legal and operational framework for the agent-insurer relationship, covering areas such as authority limits, commission structures, compliance requirements, and service standards. The agreement is designed to protect both parties' interests while ensuring adherence to regulatory requirements and professional standards in the New Zealand insurance market. It typically includes comprehensive provisions for data protection, professional indemnity, and dispute resolution, making it suitable for both individual agents and corporate insurance intermediaries.

1. Parties: Identifies the insurance company (principal) and the insurance agent, including their legal names, addresses, and company registration numbers

2. Background: Sets out the context of the agreement, including that the insurer wishes to appoint the agent to sell its insurance products

3. Definitions: Defines key terms used throughout the agreement, including specific insurance industry terminology

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

5. Agent's Authority: Specifies what the agent can and cannot do on behalf of the insurer

6. Regulatory Compliance: Requirements for compliance with NZ insurance laws, including Financial Markets Conduct Act and Insurance Intermediaries Act

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

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

9. Training and Support: Insurer's obligations regarding training, marketing materials, and operational support

10. Records and Reporting: Requirements for maintaining records, reporting sales, and handling customer information

11. Privacy and Data Protection: Obligations regarding customer data handling and compliance with Privacy Act 2020

12. Professional Indemnity: Requirements for professional indemnity insurance and liability provisions

13. Term and Termination: Duration of agreement and circumstances under which it can be terminated

14. Post-Termination Obligations: Obligations and restrictions that survive termination

15. General Provisions: Standard contractual clauses including governing law, notices, and dispute resolution