Insurance Introducer Agreement Template for Saudi Arabia

The Insurance Introducer Agreement is essential for insurance companies operating in Saudi Arabia who wish to expand their distribution channels through third-party introducers. This document is specifically designed to comply with Saudi Arabian regulations, particularly SAMA requirements and Sharia principles, making it suitable for use in the Saudi insurance market. The agreement covers crucial aspects such as introducer appointment, service scope, compensation structure, regulatory compliance, and operational procedures. It is particularly important in the context of Islamic insurance (Takaful) operations, where both conventional insurance regulations and Sharia compliance must be maintained. The document should be used when establishing new introduction relationships or formalizing existing arrangements, ensuring all parties understand their obligations under Saudi law and regulatory requirements.

1. Parties: Identification of the Insurance Company and the Introducer, including their full legal names, registration numbers, and registered addresses

2. Background: Context of the agreement, including the Insurance Company's authorization status and the Introducer's business overview

3. Definitions: Key terms used throughout the agreement, including regulatory-specific terminology and Sharia-compliant concepts

4. Appointment and Scope: Terms of the Introducer's appointment, scope of services, and territorial limitations

5. Regulatory Compliance: Obligations to comply with SAMA regulations, AML requirements, and Sharia principles

6. Introducer's Obligations: Detailed responsibilities including client introduction procedures, document collection, and compliance with insurance regulations

7. Insurance Company's Obligations: Company's responsibilities regarding processing introductions, providing necessary information, and support

8. Compensation: Fee structure, payment terms, and calculation methods for introduction fees in compliance with Sharia principles

9. Representations and Warranties: Statements regarding licensing, capacity, and compliance status of both parties

10. Confidentiality: Obligations regarding protection of confidential information and client data

11. Data Protection: Requirements for handling personal data in compliance with Saudi regulations

12. Term and Termination: Duration of the agreement and circumstances under which it can be terminated

13. Post-Termination Obligations: Duties and responsibilities that survive termination of the agreement

14. Governing Law and Jurisdiction: Specification of Saudi law as governing law and jurisdiction for disputes