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The Insurance Agency Agreement (Insurance) is a crucial document used to establish and regulate the relationship between insurance companies and their agents in Pakistan. This agreement is essential when an insurance company wishes to expand its distribution network through authorized agents. It must comply with the Insurance Ordinance 2000, SECP regulations, and other relevant Pakistani laws governing insurance intermediaries. The document covers comprehensive aspects including agent appointment, regulatory compliance, commission structures, operational procedures, and risk management. It's particularly important in Pakistan's evolving insurance market where regulatory oversight is increasing and professional standards are becoming more stringent. The agreement serves as both a legal requirement and a practical operational framework for insurance distribution.

1. Parties: Identification of the Insurance Company and the Agent, including their respective registration/license numbers and registered addresses

2. Background: Context of the agreement, including the insurer's authority to conduct business in Pakistan and the agent's qualifications

3. Definitions: Key terms used throughout the agreement, including regulatory terminology specific to Pakistani insurance law

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

5. Regulatory Compliance: Agent's obligations under Pakistani insurance laws and SECP regulations

6. Agent's Duties and Responsibilities: Detailed obligations including client service, documentation, and reporting requirements

7. Company's Duties and Responsibilities: Insurer's obligations regarding training, support, and documentation

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

9. Representations and Warranties: Mutual assurances regarding authority, compliance, and capability

10. Confidentiality: Protection of confidential information and trade secrets

11. Record Keeping: Requirements for maintaining books, records, and documentation

12. Intellectual Property: Usage rights for company branding, materials, and systems

13. Indemnification: Mutual indemnification provisions and liability allocation

14. Term and Termination: Duration of agreement and grounds for termination

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

16. Governing Law and Dispute Resolution: Application of Pakistani law and dispute resolution procedures