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Terms Of Business Agreement (Insurance)

Terms Of Business Agreement (Insurance) Template for Belgium

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Key Requirements PROMPT example:

Terms Of Business Agreement (Insurance)

"I need a Terms of Business Agreement (Insurance) for appointing a digital-only insurance broker in Belgium who will distribute our retail motor and home insurance products through their online platform starting March 2025, with specific provisions for automated policy issuance and premium collection."

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Document background
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.
Suggested Sections

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

Optional Sections

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

Suggested Schedules

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

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Clauses
Appointment
Authority
Regulatory Compliance
Licensing
Commission
Payment Terms
Regulatory Reporting
Professional Indemnity Insurance
Data Protection
Confidentiality
Non-Solicitation
Non-Competition
Intellectual Property
Record Keeping
Audit Rights
Service Levels
Marketing
Training Requirements
Premium Collection
Claims Handling
Anti-Money Laundering
Risk Transfer
Representations and Warranties
Indemnification
Limitation of Liability
Force Majeure
Termination
Post-Termination Obligations
Assignment
Subcontracting
Notices
Amendments
Severability
Entire Agreement
Governing Law
Dispute Resolution
Insurance Requirements
Compliance Monitoring
Business Continuity
IT Security
Reporting Requirements
Relevant Industries

Insurance

Reinsurance

Financial Services

Risk Management

Insurance Broking

Insurance Distribution

Professional Services

Financial Technology

Relevant Teams

Legal

Compliance

Distribution

Broker Relations

Operations

Risk Management

Regulatory Affairs

Business Development

Sales

Partner Management

Product Development

Channel Management

Insurance Operations

Corporate Governance

Commercial

Relevant Roles

Insurance Distribution Director

Compliance Officer

Legal Counsel

Head of Broker Relations

Insurance Operations Manager

Chief Risk Officer

Regulatory Affairs Manager

Business Development Director

Partnership Manager

Insurance Products Manager

Intermediary Relations Manager

Distribution Network Manager

Insurance Compliance Manager

Sales Director

Channel Management Director

Industries
Insurance Act of 4 April 2014: Primary legislation governing insurance contracts and distribution in Belgium, including mandatory provisions for insurance agreements and professional requirements
Belgian Civil Code (Articles 1101-1369): Fundamental contract law provisions that govern formation and execution of contracts, including TOBAs
Book VI of the Code of Economic Law: Contains provisions on market practices and consumer protection, including requirements for business-to-business agreements
FSMA Regulations on Insurance Distribution: Regulatory requirements from the Financial Services and Markets Authority regarding insurance distribution and intermediary obligations
EU Insurance Distribution Directive (IDD) as implemented in Belgian law: Regulates insurance distribution and sets standards for professional and organizational requirements
Belgian Anti-Money Laundering Law of 18 September 2017: AML requirements applicable to insurance sector, including customer due diligence obligations
GDPR and Belgian Data Protection Act: Data protection requirements for handling personal information in insurance contracts and business relationships
Royal Decree on Insurance Distribution of 18 June 2019: Detailed rules on insurance distribution, including specific requirements for agreements between insurers and intermediaries
Twin Peaks II Law: Rules on conflicts of interest, transparency, and duty of care in financial services including insurance
MiFID Rules as applied to insurance sector: Conduct of business rules and investor protection requirements adapted for insurance sector under Belgian law
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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