Binding Authority Agreement Template for Philippines

1. Claims Handling Authority: Include when coverholder is authorized to handle claims

2. Sub-Delegation: Include when sub-delegation of authority is permitted

3. Insurance Requirements: Include when specific insurance coverage is required for the coverholder

4. Business Continuity: Include for high-volume or critical business relationships

5. Anti-Money Laundering Provisions: Include detailed AML procedures when handling significant premium volumes

6. IT Systems and Security: Include when specific systems or security protocols are required

7. Training Requirements: Include when specific training or certification is required

1. Schedule A - Authority Limits and Classes of Business: Detailed breakdown of authorized classes of business and associated limits

2. Schedule B - Commission Structure: Detailed commission rates and payment terms

3. Schedule C - Reporting Requirements: Specific reports required, formats, and deadlines

4. Schedule D - Service Levels: Performance standards and service level requirements

5. Schedule E - Territorial Scope: Detailed description of authorized territories

6. Schedule F - Systems and Procedures: Operational procedures and systems to be used

7. Appendix 1 - Required Forms and Templates: Standard forms and templates to be used

8. Appendix 2 - Compliance Procedures: Detailed compliance procedures and checklists