The Insurance Broker Agreement serves as the foundational document governing the relationship between insurance brokers and insurance providers in Ireland. This agreement is essential when establishing or formalizing a business relationship for the distribution of insurance products through intermediaries. It ensures compliance with Irish regulatory requirements, particularly the Insurance Distribution Regulations 2018 and the Consumer Protection Code 2012, while defining the scope of services, compensation structures, and operational procedures. The agreement is designed to protect all parties' interests while maintaining transparency and regulatory compliance in insurance distribution activities. It includes specific provisions for client money handling, professional indemnity requirements, and data protection obligations under both Irish and EU law.
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1. Parties: Identification of the insurance broker and the insurer/underwriter, including registration numbers and regulatory status
2. Background: Context of the agreement, regulatory framework, and purpose of the arrangement
3. Definitions: Detailed definitions of terms used throughout the agreement, including regulatory terminology
4. Appointment and Scope: Terms of broker appointment, territory, and scope of authorized activities
5. Regulatory Compliance: Obligations regarding regulatory requirements, including IDD compliance and Central Bank regulations
6. Duties and Responsibilities: Detailed obligations of the broker including client money handling, documentation, and reporting requirements
7. Remuneration: Commission structure, payment terms, and any fee arrangements
8. Professional Indemnity Insurance: Requirements for maintaining adequate professional indemnity insurance
9. Data Protection: GDPR compliance requirements and data handling procedures
10. Confidentiality: Confidentiality obligations and permitted disclosures
11. Term and Termination: Duration of agreement and circumstances for termination
12. Post-Termination Obligations: Obligations surviving termination and client protection measures
13. Indemnities: Mutual indemnification provisions and liability limitations
14. General Provisions: Standard boilerplate clauses including notices, amendments, and governing law
1. White Labeling: Include when the broker will be operating under the insurer's brand
2. Digital Services: Include when the broker provides online platforms or digital services
3. Claims Handling Authority: Include when the broker is authorized to handle claims
4. Risk Management Services: Include when the broker provides additional risk management services
5. Training Requirements: Include when specific training or certification requirements exist beyond regulatory minimums
6. Marketing and Promotion: Include when the broker has specific marketing responsibilities or restrictions
7. Delegated Authority: Include when the broker has binding authority
8. Sub-Broking Arrangements: Include when sub-broking is permitted
9. International Operations: Include for cross-border activities
1. Schedule 1 - Commission Rates: Detailed breakdown of commission structures and payment terms
2. Schedule 2 - Products and Services: List of authorized insurance products and services
3. Schedule 3 - Service Levels: Performance metrics and service level requirements
4. Schedule 4 - Regulatory Requirements: Specific regulatory obligations and compliance requirements
5. Schedule 5 - Reporting Requirements: Templates and frequencies for required reports
6. Schedule 6 - Systems and Security: IT requirements and security protocols
7. Appendix A - Documentation Requirements: Templates for customer documentation and forms
8. Appendix B - Claims Procedures: Detailed claims handling procedures if applicable
9. Appendix C - Compliance Checklist: Regulatory compliance checklist and requirements
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