Insurance Agent Agreement for Hong Kong

Insurance Agent Agreement Template for Hong Kong

A comprehensive legal agreement governed by Hong Kong law that establishes and regulates the relationship between an insurance company and its appointed agent. The document complies with the Insurance Ordinance (Cap. 41) and Insurance Authority regulations, detailing the agent's authority to sell insurance products, commission structures, compliance requirements, and operational procedures. It includes specific provisions for Hong Kong regulatory compliance, data protection requirements, and professional standards as mandated by the Insurance Authority.

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What is a Insurance Agent Agreement?

The Insurance Agent Agreement is a critical document used to formalize the appointment of insurance agents in Hong Kong's regulated insurance market. This agreement is essential when an insurance company wishes to authorize an individual or corporate entity to sell its insurance products and represent its interests in the market. The document must comply with the Insurance Authority's regulatory framework, including the Insurance Ordinance (Cap. 41) and associated codes of conduct. It covers crucial aspects such as licensing requirements, commission structures, compliance obligations, and professional standards. The agreement is designed to protect both the insurer's and agent's interests while ensuring compliance with Hong Kong's regulatory requirements, particularly regarding client data protection, anti-money laundering regulations, and professional conduct standards.

What sections should be included in a Insurance Agent Agreement?

1. Parties: Identification of the Insurance Company and the Agent, including licensing details

2. Background: Context of the agreement and relationship between the parties

3. Definitions: Key terms used throughout the agreement

4. Appointment and Scope: Terms of agent appointment and authorized activities

5. Licensing and Compliance: Requirements for maintaining proper licensing and regulatory compliance

6. Duties and Responsibilities: Core obligations of the agent including sales, reporting, and customer service

7. Commission Structure: Basic framework for commission calculations and payments

8. Training and Support: Company's obligations for agent training and operational support

9. Confidentiality: Protection of confidential information and trade secrets

10. Data Protection: Compliance with PDPO and data handling requirements

11. Term and Termination: Duration of agreement and termination provisions

12. Post-Termination Obligations: Obligations surviving termination including document return and ongoing confidentiality

13. General Provisions: Standard boilerplate clauses including governing law, notices, and amendments

What sections are optional to include in a Insurance Agent Agreement?

1. Non-Compete Provisions: Restrictions on competitive activities, used when agent has access to sensitive information or significant market presence

2. Sub-Agents: Rules for appointing and managing sub-agents, included when agent is permitted to build a team

3. Performance Targets: Specific sales or performance requirements, used in performance-based agreements

4. Online Platform Access: Terms for using company's digital platforms, included when digital tools are provided

5. Marketing Guidelines: Rules for marketing and advertising, needed when agent conducts independent marketing

6. Professional Indemnity: Insurance requirements for the agent, included for high-value or specialized products

7. Cross-Border Activities: Rules for cross-border insurance activities, needed for agents operating in multiple jurisdictions

What schedules should be included in a Insurance Agent Agreement?

1. Schedule 1: Commission Structure: Detailed commission rates, bonus structures, and payment terms

2. Schedule 2: Authorized Insurance Products: List of insurance products the agent is authorized to sell

3. Schedule 3: Compliance Procedures: Detailed compliance requirements and procedures

4. Schedule 4: Service Level Requirements: Specific performance metrics and service standards

5. Schedule 5: Training Requirements: Mandatory training programs and continuing education requirements

6. Appendix A: Required Forms and Documents: Templates for required documentation and reporting

7. Appendix B: Technology and Systems Access: Technical requirements and system access 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

Jurisdiction

Hong Kong

Publisher

Genie AI

Document Type

Experience Letter

Cost

Free to use
Relevant legal definitions
Clauses
Relevant Industries

Insurance

Financial Services

Wealth Management

Risk Management

Financial Planning

Retail Banking

Corporate Banking

Employee Benefits

Healthcare Insurance

Property Insurance

Life Insurance

Relevant Teams

Legal

Compliance

Distribution

Sales

Agency Relations

Risk Management

Operations

Training and Development

Business Development

Regulatory Affairs

Contract Administration

Relevant Roles

Insurance Agent

Insurance Broker

Compliance Officer

Legal Counsel

Risk Manager

Sales Director

Agency Development Manager

Training Manager

Operations Manager

Business Development Manager

Chief Distribution Officer

Regulatory Affairs Manager

Agency Relations Manager

Contract Administrator

Industries
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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