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Credit Agreement (Insurance)

Credit Agreement (Insurance) Template for Philippines

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Key Requirements PROMPT example:

Credit Agreement (Insurance)

"I need a Credit Agreement (Insurance) for a Philippine insurance company providing premium financing to corporate clients, with a focus on commercial property insurance and a credit facility limit of up to 10 million PHP."

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Document background
The Credit Agreement (Insurance) is a specialized financial instrument used in the Philippine market when insurance coverage requires financing arrangements. This document is typically employed when individuals or businesses need to finance their insurance premiums or when insurance-related products require credit facilities. It combines elements of both insurance and banking regulations, incorporating requirements from the Insurance Code of the Philippines (Republic Act No. 10607), banking regulations, and consumer protection laws. The agreement is particularly relevant in scenarios involving large insurance premiums, commercial insurance arrangements, or specialized insurance products where immediate full payment isn't feasible. It must comply with both Insurance Commission requirements and Bangko Sentral ng Pilipinas regulations, making it a complex but essential document in the Philippine insurance and banking sectors.
Suggested Sections

1. Parties: Identification of the credit provider, insurance company, and borrower/insured

2. Background: Context of the agreement, purpose of the credit facility for insurance

3. Definitions: Key terms used throughout the agreement including insurance-specific terminology

4. Credit Facility Terms: Principal terms of the credit facility including amount, purpose, and duration

5. Interest and Charges: Interest rates, fees, and other charges applicable to the credit facility

6. Insurance Coverage: Details of the insurance policy being financed, including coverage terms

7. Repayment Terms: Payment schedule, method of payment, and prepayment provisions

8. Security: Any security or collateral requirements for the credit facility

9. Representations and Warranties: Statements of fact and assurances from the borrower

10. Covenants: Ongoing obligations of the borrower during the term of the agreement

11. Events of Default: Circumstances constituting default and consequences

12. Termination: Conditions and process for termination of the agreement

13. General Provisions: Standard legal provisions including notices, amendments, and governing law

Optional Sections

1. Insurance Premium Financing: Detailed terms for financing of insurance premiums - include when the agreement specifically covers premium financing

2. Group Insurance Provisions: Special provisions for group insurance arrangements - include when the credit facility covers group insurance

3. Regulatory Compliance: Specific regulatory requirements - include when dealing with regulated entities or specific insurance products

4. Credit Life Insurance: Provisions for mandatory credit life insurance - include when credit life insurance is required

5. Assignment of Policy: Terms for assignment of insurance policy as security - include when policy assignment is required

6. Agent/Broker Provisions: Terms relating to insurance intermediaries - include when agents or brokers are involved

Suggested Schedules

1. Schedule of Payments: Detailed payment schedule including principal and interest breakdown

2. Insurance Policy Details: Specific details of the insurance policy being financed

3. Fee Schedule: Comprehensive list of all applicable fees and charges

4. Security Details: Details of any security or collateral provided

5. Disclosure Statement: Required disclosures under Truth in Lending Act and other regulations

6. Insurance Terms and Conditions: Summary of key insurance terms and conditions

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
Insurance Policy
Premium
Credit Facility
Borrower
Insured
Insurer
Lender
Interest Rate
Default Rate
Security
Insurance Coverage
Policy Period
Premium Payment Date
Drawdown
Repayment Schedule
Event of Default
Business Day
Policy Documents
Insurance Proceeds
Material Adverse Effect
Permitted Purpose
Related Rights
Security Interest
Warranties
Assignment
Broker/Agent
Claims
Commencement Date
Conditions Precedent
Credit Life Insurance
Disclosure Requirements
Facility Limit
Grace Period
Guarantor
Insurance Commission
Maturity Date
Outstanding Amount
Payment Date
Regulatory Authority
Secured Obligations
Term
Termination Event
Clauses
Credit Facility
Insurance Coverage
Premium Payment
Interest and Fees
Security and Collateral
Representations and Warranties
Covenants
Events of Default
Remedies
Assignment
Insurance Claims
Policy Cancellation
Premium Refund
Disclosure Requirements
Confidentiality
Force Majeure
Regulatory Compliance
Anti-Money Laundering
Data Protection
Notices
Amendment
Severability
Governing Law
Dispute Resolution
Termination
Indemnification
Set-off Rights
Agency and Broker
Insurance Policy Assignment
Credit Life Insurance
Relevant Industries

Insurance

Banking and Finance

Financial Services

Consumer Finance

Insurance Brokerage

Retail Banking

Commercial Banking

Relevant Teams

Legal

Compliance

Risk Management

Insurance Operations

Credit Operations

Finance

Sales

Product Development

Underwriting

Claims Processing

Corporate Banking

Retail Banking

Relevant Roles

Insurance Underwriter

Credit Risk Manager

Legal Counsel

Compliance Officer

Insurance Operations Manager

Credit Operations Manager

Financial Controller

Insurance Sales Manager

Banking Relationship Manager

Insurance Product Manager

Credit Analyst

Insurance Claims Manager

Risk Management Officer

Corporate Banking Officer

Insurance Broker

Contract Administrator

Industries
Insurance Code of the Philippines (Republic Act No. 10607): Primary legislation governing insurance contracts and transactions in the Philippines, including credit insurance arrangements
New Civil Code of the Philippines (Republic Act No. 386): Contains fundamental provisions on contracts, obligations, and credit relations that apply to insurance agreements
Truth in Lending Act (Republic Act No. 3765): Mandates disclosure requirements for credit transactions, including insurance-related credit agreements
Consumer Act of the Philippines (Republic Act No. 7394): Provides consumer protection provisions that affect credit and insurance agreements, including disclosure requirements and unfair practices
Bangko Sentral ng Pilipinas (BSP) Regulations: Central bank regulations affecting credit transactions and insurance-related financial products
Insurance Commission Circulars: Regulatory circulars and guidelines issued by the Insurance Commission governing insurance practices and credit insurance products
Anti-Money Laundering Act (Republic Act No. 9160): Compliance requirements for financial transactions including credit and insurance agreements
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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