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Insurance Pooling Agreement

Insurance Pooling Agreement Template for Philippines

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Key Requirements PROMPT example:

Insurance Pooling Agreement

"Need an Insurance Pooling Agreement under Philippine law for a consortium of three major property insurers to share catastrophic risks, with implementation planned for March 2025 and specific focus on natural disaster coverage in Metro Manila."

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Document background
This Insurance Pooling Agreement is designed for use when multiple insurance companies in the Philippines wish to establish a formal arrangement for sharing risks, premiums, and losses. The document is essential when insurers seek to expand their risk-bearing capacity, distribute large or complex risks, or create efficiency in handling specific insurance markets. It incorporates requirements from the Insurance Code of the Philippines (Republic Act No. 10607) and related regulations, ensuring compliance with local insurance laws while establishing governance structures, operational procedures, and financial mechanisms for the pool. The agreement is particularly valuable for managing catastrophic risks, specialized insurance products, or market segments requiring substantial capacity.
Suggested Sections

1. Parties: Identification of all participating insurance companies in the pooling arrangement

2. Background: Context of the agreement, including the purpose of the insurance pool and general objectives

3. Definitions: Detailed definitions of technical terms, including insurance-specific terminology and pool-related concepts

4. Pool Formation and Structure: Legal structure of the pool, including governance framework and member relationships

5. Risk Sharing Mechanism: Detailed methodology for sharing risks, premiums, and losses among pool members

6. Financial Arrangements: Premium collection, claims payment procedures, and pool fund management

7. Underwriting Guidelines: Standards and procedures for underwriting risks within the pool

8. Claims Management: Procedures for handling claims, including assessment, settlement, and payment processes

9. Reporting Requirements: Financial and operational reporting obligations of pool members

10. Compliance and Regulatory Matters: Procedures ensuring compliance with Philippine insurance laws and regulations

11. Term and Termination: Duration of the agreement and conditions for termination

12. Dispute Resolution: Procedures for resolving disputes between pool members

13. Confidentiality: Protection of sensitive information shared within the pool

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

Optional Sections

1. Reinsurance Arrangements: Details of any collective reinsurance arrangements for the pool, used when the pool seeks external risk transfer

2. Special Risks Coverage: Specific provisions for handling unusual or catastrophic risks, included when pool covers non-standard risks

3. IT Systems and Data Sharing: Protocols for shared technology infrastructure, needed when pool implements common systems

4. Marketing and Branding: Guidelines for joint marketing efforts, included when pool members agree to collective market presence

5. Pool Manager Appointment: Terms for external pool management, used when third-party administrator is appointed

6. Investment Policy: Guidelines for investing pool funds, included when pool maintains collective investment portfolio

7. Member Addition/Withdrawal: Procedures for changing pool membership, needed for pools with flexible membership structure

Suggested Schedules

1. Schedule A - Member Participation Ratios: Detailed breakdown of each member's participation percentage in the pool

2. Schedule B - Premium Allocation Formula: Mathematical formulas and methods for calculating premium shares

3. Schedule C - Claims Allocation Procedures: Detailed procedures for allocating claims among pool members

4. Schedule D - Underwriting Guidelines: Detailed technical specifications for risk assessment and acceptance

5. Schedule E - Financial Reporting Templates: Standardized formats for regular financial reporting

6. Schedule F - Service Level Agreements: Performance standards for pool operations and member obligations

7. Appendix 1 - Pool Governance Structure: Organizational chart and governance procedures

8. Appendix 2 - Risk Categories and Limits: Detailed classification of covered risks and associated limits

9. Appendix 3 - Operating Procedures: Day-to-day operational procedures and workflows

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
Adjustment Period
Allocated Loss Adjustment Expenses
Annual Pool Statement
Approved Risk
Assessment
Bordereau
Catastrophic Loss
Claims Administrator
Claims Fund
Commencement Date
Covered Business
Effective Date
Excluded Risks
Financial Year
Governing Committee
Insurance Commission
Lead Insurer
Loss Fund
Member Company
Membership Interest
Net Premium
Operating Account
Participation Percentage
Pool Administrator
Pool Assets
Pool Fund
Pool Guidelines
Pool Liabilities
Pool Manager
Pool Operations
Pool Territory
Premium Collection Account
Qualifying Claim
Regulatory Requirements
Reinsurance Agreement
Risk Acceptance Criteria
Risk Portfolio
Settlement Period
Shared Risk
Special Majority
Underwriting Committee
Underwriting Guidelines
Underwriting Year
Unearned Premium Reserve
Withdrawal Notice
Clauses
Membership Rights and Obligations
Risk Sharing
Premium Allocation
Claims Management
Pool Administration
Governance
Underwriting Standards
Financial Management
Reinsurance
Reporting Requirements
Regulatory Compliance
Confidentiality
Data Protection
Dispute Resolution
Force Majeure
Termination
Member Withdrawal
New Member Admission
Indemnification
Liability Limitation
Assignment
Amendment
Notices
Governing Law
Severability
Entire Agreement
Competition and Anti-Trust
Audit Rights
Insurance Requirements
Record Keeping
Intellectual Property
Business Continuity
Conflict of Interest
Representations and Warranties
Relevant Industries

Insurance

Financial Services

Risk Management

Banking

Healthcare

Maritime

Construction

Manufacturing

Energy

Transportation

Real Estate

Agriculture

Relevant Teams

Legal

Risk Management

Compliance

Finance

Underwriting

Claims

Operations

Actuarial

Regulatory Affairs

Partnership Management

Internal Audit

Corporate Strategy

Relevant Roles

Chief Executive Officer

Chief Risk Officer

Chief Financial Officer

Head of Underwriting

Claims Manager

Compliance Officer

Legal Counsel

Actuarial Manager

Operations Director

Insurance Pool Manager

Reinsurance Manager

Risk Assessment Officer

Financial Controller

Regulatory Affairs Director

Partnership Manager

Industries
Insurance Code of the Philippines (Republic Act No. 10607): The primary legislation governing insurance operations in the Philippines, including provisions for insurance contracts, licensing requirements, and regulatory compliance for insurance companies
Civil Code of the Philippines (Republic Act No. 386): Provides the basic legal framework for contracts, including formation, validity, and enforcement of contractual obligations
Philippine Competition Act (Republic Act No. 10667): Ensures that insurance pooling arrangements do not create anti-competitive practices or unfair market advantages
Data Privacy Act of 2012 (Republic Act No. 10173): Regulates the collection, processing, and sharing of personal information between insurance pool members
Corporation Code of the Philippines (Republic Act No. 11232): Governs corporate partnerships and joint ventures, relevant for structuring the pooling arrangement between multiple insurance entities
Anti-Money Laundering Act (Republic Act No. 9160): Ensures compliance with anti-money laundering regulations in financial transactions between pool members
Insurance Commission Circulars and Regulations: Specific regulatory guidelines issued by the Insurance Commission regarding insurance operations, risk management, and reporting requirements
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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