Insurance Agent Agreement Template for Austria

The Insurance Agent Agreement is a critical document used to establish and govern the legal and commercial relationship between insurance companies and their appointed agents in Austria. This agreement must comply with specific Austrian regulatory requirements, including the Insurance Contract Act (Versicherungsvertragsgesetz) and Commercial Agents Act (Handelsvertretergesetz), while also addressing EU regulations such as the Insurance Distribution Directive (IDD). The document typically includes detailed provisions on the agent's authority, regulatory compliance obligations, commission structures, reporting requirements, and professional standards. It is essential for insurance companies expanding their distribution networks and for agents seeking to formalize their representation of insurers in the Austrian market.

1. Parties: Identification of the Insurance Company and the Agent, including registration numbers and regulatory authorizations

2. Background: Context of the agreement, including the insurance company's authority to conduct business and the agent's qualifications

3. Definitions: Key terms used throughout the agreement, including technical insurance terms and regulatory references

4. Appointment and Scope: Terms of the agent's appointment, territory, and products they are authorized to sell

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

6. Regulatory Compliance: Obligations regarding insurance regulations, money laundering prevention, and data protection

7. Agent's Duties and Responsibilities: Core obligations including customer service, reporting, and professional standards

8. Company's Duties and Responsibilities: Support, training, and materials to be provided by the insurance company

9. Compensation: Commission structure, payment terms, and conditions for commission earning and payment

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

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

12. Confidentiality: Protection of business secrets and customer information

13. Term and Termination: Duration of agreement, renewal terms, and termination provisions

14. Post-Termination Obligations: Handling of customer records, ongoing commissions, and non-compete provisions

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