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Life Settlement Agreement

Life Settlement Agreement Template for Indonesia

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Key Requirements PROMPT example:

Life Settlement Agreement

"I need a Life Settlement Agreement under Indonesian law for the transfer of a USD 2 million whole life insurance policy, where the policy owner is a corporation selling to an institutional investor, with specific provisions for quarterly premium payments and medical information sharing."

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Document background
A Life Settlement Agreement is utilized when a life insurance policy owner wishes to sell their policy to a third-party investor for an amount exceeding the policy's cash surrender value but less than its death benefit. This document, crucial in Indonesian insurance transactions, must comply with Law No. 40 of 2014 on Insurance and various OJK regulations governing insurance policy transfers. The agreement details the purchase price, payment terms, policy details, representations and warranties, closing conditions, and ongoing obligations of all parties. It includes specific provisions required under Indonesian law regarding insurance policy transfers, consumer protection, and financial services regulations. This type of agreement is particularly relevant when policy owners need immediate liquidity or no longer require the insurance coverage, providing a regulated mechanism for monetizing their insurance asset while ensuring all parties' rights are protected under Indonesian law.
Suggested Sections

1. Parties: Identification of the Policy Owner (seller), Purchaser, and Insurance Company

2. Background: Context of the agreement, including details of the existing life insurance policy and intention to transfer

3. Definitions: Definitions of key terms used throughout the agreement

4. Sale and Purchase: Core transaction terms including purchase price, payment method, and policy details

5. Conditions Precedent: Conditions that must be met before the settlement can be completed

6. Representations and Warranties: Statements of fact and guarantees from both seller and purchaser

7. Closing Process: Steps for completing the transaction, including documentation requirements

8. Post-Closing Obligations: Ongoing obligations of parties after settlement completion

9. Regulatory Compliance: Compliance with Indonesian insurance and financial services regulations

10. Confidentiality: Obligations regarding confidential information

11. Governing Law and Jurisdiction: Specification of Indonesian law as governing law and jurisdiction

12. Dispute Resolution: Process for resolving disputes between parties

13. General Provisions: Standard contractual provisions including notices, amendments, and severability

Optional Sections

1. Broker Provisions: Include when a licensed settlement broker is involved in the transaction

2. Medical Information Release: Include when ongoing access to medical records is required

3. Third-Party Consents: Include when beneficiaries or other third parties need to consent

4. Tax Provisions: Include when specific tax arrangements or implications need to be addressed

5. Currency Exchange Provisions: Include when transaction involves multiple currencies

6. Policy Loans: Include when existing loans against the policy need to be addressed

7. Insurance Premium Arrangements: Include when specific arrangements for ongoing premium payments are needed

Suggested Schedules

1. Schedule 1 - Policy Details: Detailed information about the life insurance policy being settled

2. Schedule 2 - Purchase Price Calculation: Breakdown of settlement amount and any adjustments

3. Schedule 3 - Required Documents: List of documents required for closing

4. Schedule 4 - Closing Checklist: Step-by-step process for completing the settlement

5. Appendix A - Form of Transfer Notice: Template notice to insurance company regarding policy transfer

6. Appendix B - Medical Information Release Form: Standard form for releasing medical information

7. Appendix C - Regulatory Compliance Checklist: Checklist ensuring compliance with Indonesian regulations

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
Agreement
Applicable Law
Beneficiary
Broker
Business Day
Closing
Closing Date
Confidential Information
Death Benefit
Effective Date
Encumbrance
Escrow Account
Escrow Agent
Face Amount
Financial Services Authority (OJK)
Insured
Insurance Company
Insurance Policy
Life Expectancy
Material Adverse Change
Medical Information
Medical Records
Medical Underwriter
Policy Documents
Policy Owner
Premium
Premium Payment Schedule
Purchase Price
Purchaser
Regulatory Approval
Representations and Warranties
Sale Documents
Seller
Settlement Amount
Settlement Date
Settlement Provider
Transaction Documents
Transfer Documents
Transfer Notice
Verification Certificate
Clauses
Sale and Purchase
Payment Terms
Policy Transfer
Conditions Precedent
Representations and Warranties
Covenants
Premium Payments
Death Benefit
Policy Administration
Regulatory Compliance
Confidentiality
Data Protection
Medical Information
Insurance Company Consent
Due Diligence
Closing Conditions
Post-Closing Obligations
Risk Allocation
Indemnification
Force Majeure
Assignment
Termination
Dispute Resolution
Governing Law
Notices
Amendment
Severability
Entire Agreement
Costs and Expenses
Anti-Money Laundering
Broker Provisions
Third Party Rights
Waiver
Counterparts
Relevant Industries

Insurance

Financial Services

Investment Management

Legal Services

Healthcare

Wealth Management

Professional Services

Banking

Asset Management

Relevant Teams

Legal

Compliance

Risk Management

Insurance Operations

Finance

Investment Management

Policy Administration

Wealth Management

Corporate Advisory

Due Diligence

Relevant Roles

Insurance Underwriter

Legal Counsel

Compliance Officer

Financial Advisor

Investment Manager

Risk Manager

Insurance Broker

Settlement Specialist

Policy Administrator

Wealth Manager

Executive Director

Chief Financial Officer

Chief Legal Officer

Insurance Operations Manager

Portfolio Manager

Industries
Law No. 40 of 2014 on Insurance: The primary insurance law in Indonesia that governs all insurance-related activities, including life insurance policies and their transfer
Indonesian Civil Code (KUHPerdata): Provides the fundamental framework for contract law in Indonesia, including requirements for valid agreements, rights and obligations of parties
OJK Regulation No. 69/POJK.05/2016: Financial Services Authority regulation on business conduct for insurance companies, including policy transfers and settlements
Law No. 8 of 1999 on Consumer Protection: Ensures protection of consumer rights in financial transactions, including insurance-related agreements
Law No. 8 of 2010 on Prevention and Eradication of Money Laundering: Regulates financial transactions to prevent money laundering, applicable to significant insurance policy transfers
OJK Regulation No. 1/POJK.07/2013: Regulation on consumer protection in the financial services sector, including insurance and investment products
Ministry of Finance Regulation No. 39/PMK.010/2008: Guidelines on insurance company operations and policy administration, including requirements for policy transfers
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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