The Terms Of Business Agreement (Insurance) is a fundamental document used to establish and govern the business relationship between insurers and insurance intermediaries operating in Belgium. This agreement is essential for compliance with the Belgian Insurance Act of 2014, FSMA regulations, and the EU Insurance Distribution Directive. It should be used whenever an insurer appoints an intermediary to distribute its insurance products in Belgium or when establishing a new business relationship in the Belgian insurance market. The agreement covers crucial aspects such as regulatory authorizations, scope of authority, commission structures, compliance requirements, data protection, and operational procedures. It needs to reflect specific Belgian legal requirements while maintaining alignment with broader EU insurance regulations and market practices. The document serves as the primary reference point for the ongoing business relationship and helps ensure regulatory compliance for both parties.
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1. Parties: Identification of the contracting parties - the insurer and the intermediary, including their regulatory status and authorizations
2. Background: Context of the agreement, regulatory framework, and purpose of the business relationship
3. Definitions: Key terms used throughout the agreement, including regulatory terminology
4. Scope of Authority: Extent and limitations of intermediary's authority to act on behalf of the insurer
5. Regulatory Compliance: Obligations regarding insurance regulations, AML requirements, and other applicable laws
6. Professional Requirements: Requirements for professional indemnity insurance, staff qualifications, and training
7. Commission and Remuneration: Payment terms, commission structures, and payment procedures
8. Data Protection and Confidentiality: GDPR compliance, data handling procedures, and confidentiality obligations
9. Record Keeping: Requirements for maintaining records of transactions, client information, and communications
10. Termination: Circumstances and procedures for terminating the agreement
11. General Provisions: Standard legal clauses including governing law, jurisdiction, and entire agreement
1. Marketing and Branding: Rules for using insurer's branding and marketing materials - include if intermediary will conduct marketing activities
2. Claims Handling: Procedures for claims processing - include if intermediary will handle claims
3. Premium Collection: Procedures for collecting and handling premiums - include if intermediary will collect premiums
4. IT Systems and Security: Requirements for IT systems and security measures - include if parties will share IT systems
5. Sub-Contracting: Rules for appointing sub-agents or outsourcing - include if sub-contracting will be permitted
6. Training Requirements: Specific training obligations - include if insurer requires specific training programs
7. Compliance Monitoring: Procedures for monitoring compliance - include for larger intermediaries or complex arrangements
1. Commission Schedule: Detailed breakdown of commission rates and payment structures
2. Products Schedule: List of insurance products covered by the agreement
3. Service Level Agreement: Detailed service standards and performance metrics
4. Regulatory Authorizations: Copies of relevant licenses and authorizations
5. Data Processing Agreement: Detailed GDPR-compliant data processing terms
6. Contact Details: Key contacts and escalation procedures for both parties
7. Technical Requirements: IT and system requirements for integration
8. Compliance Procedures: Detailed compliance and AML procedures
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