Insurance Agent Agreement Template for Germany

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Key Requirements PROMPT example:

Insurance Agent Agreement

I need an Insurance Agent Agreement for appointing an independent agent to sell our life and health insurance products in Bavaria, Germany, with exclusive territory rights and the ability to appoint sub-agents, planned to take effect from March 1, 2025.

Document background

The Insurance Agent Agreement is a crucial document used to establish and govern the legal relationship between insurance companies and their agents in Germany. This agreement is essential when an insurance company wishes to appoint an agent to sell and promote its insurance products. The document must comply with various German regulations, including the Insurance Contract Act (VVG), Commercial Code (HGB), and Trade Regulation Act (GewO). It covers essential aspects such as the agent's appointment, authorized activities, commission structures, compliance requirements, and termination provisions. The agreement also addresses specific German regulatory requirements including mandatory professional indemnity insurance, registration obligations, and data protection compliance. This document is particularly important given the heavily regulated nature of insurance distribution in Germany and the need to comply with both national and EU regulatory frameworks.

Suggested Sections

1. Parties: Identification of the Insurance Company and the Insurance Agent, including registration details and regulatory status

2. Background: Context of the agreement and confirmation of Agent's qualifications and licenses

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

4. Appointment and Scope: Formal appointment of the agent and definition of territorial scope and authorized insurance products

5. Agent's Rights and Obligations: Comprehensive listing of agent's duties, including compliance with insurance regulations, reporting requirements, and service standards

6. Company's Rights and Obligations: Company's commitments, support provisions, and obligations to the agent

7. Compliance Requirements: Regulatory compliance obligations, including documentation, data protection, and anti-money laundering requirements

8. Commission Structure: Basic commission framework and payment terms

9. Professional Indemnity Insurance: Requirements for maintaining professional liability insurance as per German regulations

10. Confidentiality: Protection of confidential information and trade secrets

11. Term and Termination: Duration of agreement and termination provisions as per HGB requirements

12. Post-Termination Obligations: Obligations surviving termination, including handover of documents and customer protection

13. General Provisions: Standard legal clauses including governing law, jurisdiction, and entire agreement provisions

Optional Sections

1. Sub-Agents: Include when the agent is permitted to appoint sub-agents, defining appointment conditions and supervision requirements

2. Marketing and Branding: Include when specific marketing requirements or brand usage guidelines need to be established

3. IT Systems and Support: Include when the company provides specific software or systems for the agent's use

4. Training Requirements: Include when specific ongoing training obligations beyond regulatory requirements are needed

5. Performance Targets: Include when specific performance metrics and targets are part of the agreement

6. Non-Compete Provisions: Include when post-termination competition restrictions are required (subject to German law limitations)

7. Special Products or Services: Include when agent is authorized to sell specific or restricted insurance products

Suggested Schedules

1. Commission Schedule: Detailed commission rates, bonus structures, and calculation methods for different products

2. Products and Services: List of authorized insurance products and services the agent may sell

3. Territorial Scope: Detailed description of authorized sales territory and any restrictions

4. Compliance Manual: Detailed compliance procedures and requirements

5. Reporting Templates: Standard forms and templates for required reports and documentation

6. Professional Requirements: Detailed qualifications, certifications, and ongoing training requirements

7. Data Protection Protocol: Specific procedures for handling personal data in compliance with GDPR and German data protection laws

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

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Insurance

Financial Services

Insurance Brokerage

Risk Management

Wealth Management

Life Insurance

Property & Casualty Insurance

Health Insurance

Reinsurance

Relevant Teams

Legal

Compliance

Sales

Distribution

Risk Management

Operations

Business Development

Product Development

Agency Management

Regulatory Affairs

Relevant Roles

Insurance Agent

Compliance Officer

Legal Counsel

Insurance Sales Manager

Distribution Director

Agency Manager

Risk Manager

Regulatory Compliance Manager

Insurance Operations Manager

Sales Director

Chief Executive Officer

Chief Operating Officer

Business Development Manager

Agency Development Manager

Insurance Product Manager

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