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.
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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
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
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
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