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Distribution Agreement In Bancassurance
"I need a Distribution Agreement in Bancassurance for an exclusive partnership between our life insurance company and a mid-sized Indonesian commercial bank, with digital distribution channels included and a 5-year term starting March 2025."
1. Parties: Identification of the insurance company and banking partner, including registration and licensing details as required by OJK
2. Background: Context of the agreement, regulatory framework, and general intent of the parties to enter into a bancassurance arrangement
3. Definitions: Detailed definitions of terms used throughout the agreement, including regulatory terminology from OJK regulations
4. Appointment and Scope: Terms of appointment of the bank as distributor and scope of distribution activities permitted
5. Regulatory Compliance: Obligations to comply with OJK regulations and other applicable laws
6. Rights and Obligations: Detailed responsibilities of both parties including training, marketing, and customer service requirements
7. Commission Structure: Framework for commission payments, calculations, and payment terms
8. Marketing and Branding: Guidelines for marketing activities and use of brands/trademarks
9. Customer Data Protection: Provisions for handling customer data in compliance with privacy laws
10. Reporting Requirements: Periodic reporting obligations to both parties and regulators
11. Term and Termination: Duration of agreement and circumstances for termination
12. Confidentiality: Protection of confidential information and trade secrets
13. Dispute Resolution: Procedures for resolving disputes between parties
14. General Provisions: Standard boilerplate clauses including notices, amendments, and governing law
1. Exclusivity: Used when parties agree to exclusive distribution arrangements for specific products or territories
2. Performance Targets: Include when specific sales targets or performance metrics are part of the agreement
3. Digital Distribution: Required when distribution includes digital channels or online platforms
4. Training and Certification: Detailed section when specific training requirements exceed standard regulatory requirements
5. Audit Rights: Enhanced audit provisions beyond standard regulatory requirements
6. Business Continuity: Detailed continuity plans when required by specific business needs
7. Anti-Money Laundering: Enhanced AML provisions when dealing with specific high-risk products or markets
1. Schedule 1 - Products: List and details of insurance products approved for distribution
2. Schedule 2 - Commission Rates: Detailed commission structures and calculations for each product
3. Schedule 3 - Service Levels: Service level agreements and performance metrics
4. Schedule 4 - Operating Procedures: Detailed procedures for sales, customer service, and claims handling
5. Schedule 5 - Marketing Guidelines: Specific guidelines for marketing materials and approval processes
6. Schedule 6 - Reporting Templates: Templates for required periodic reports
7. Schedule 7 - Contact Details: Key contact persons and escalation matrix
8. Appendix A - Technical Requirements: IT systems and technical integration specifications
9. Appendix B - Compliance Checklist: Regulatory compliance requirements and checklist
10. Appendix C - Training Manual: Training requirements and procedures for bank staff
Authors
Applicable Laws
Bancassurance
Bank Personnel
Business Day
Commencement Date
Commission
Confidential Information
Customer
Customer Data
Distribution Channel
Effective Date
Financial Services Authority (OJK)
Force Majeure Event
Insurance Products
Insurance Provider
Intellectual Property Rights
Marketing Materials
Net Premium
OJK Regulations
Personal Data
Policy
Premium
Product Documentation
Regulatory Approvals
Sales Target
Service Levels
Territory
Training Materials
Term
Termination Date
Transaction
Working Hours
Bancassurance Products
Bank Distribution Network
Claims Procedure
Compliance Requirements
Distribution Rights
Electronic Systems
Insurance Application
Key Performance Indicators
Licensed Activities
Operating Procedures
Performance Report
Policy Documents
Premium Payment
Regulatory Reports
Sales Process
Underwriting Guidelines
Valid Insurance Contract
Marketing Period
Renewal Date
Selling Rights
Regulatory Compliance
Distribution Rights
Licensing
Commission
Payment Terms
Product Scope
Marketing and Promotion
Training Requirements
Customer Protection
Data Privacy
Confidentiality
Intellectual Property
Service Levels
Performance Standards
Reporting
Audit Rights
Insurance Requirements
Representations and Warranties
Term and Duration
Termination
Force Majeure
Indemnification
Limitation of Liability
Non-Competition
Non-Solicitation
Assignment
Subcontracting
Dispute Resolution
Governing Law
Amendment
Notices
Entire Agreement
Severability
Anti-Money Laundering
Consumer Rights
Sales Process
Claims Handling
Premium Collection
Record Keeping
Business Continuity
Brand Usage
Exclusivity
Territory
Staff Requirements
Systems Integration
Product Development
Risk Management
Compliance Monitoring
Consumer Complaints
Banking
Insurance
Financial Services
Retail Banking
Life Insurance
General Insurance
Financial Technology
Consumer Finance
Legal
Compliance
Risk Management
Sales
Distribution
Business Development
Operations
Customer Service
Product Development
Marketing
Finance
Human Resources
Training
Branch Operations
Partnership Management
Digital Banking
Chief Executive Officer
Chief Financial Officer
Head of Bancassurance
Head of Distribution
Legal Director
Compliance Officer
Risk Management Director
Business Development Manager
Partnership Manager
Sales Director
Chief Operating Officer
Product Development Manager
Marketing Director
Branch Manager
Relationship Manager
Insurance Operations Manager
Customer Service Manager
Training Manager
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