Inter Company Agreement On General Insurance Business Template for Singapore

Create a bespoke document in minutes, or upload and review your own.

4.6 / 5
4.8 / 5

Let's create your Inter Company Agreement On General Insurance Business

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

Get your first 2 documents free

Your data doesn't train Genie's AI

You keep IP ownership of your information

Key Requirements PROMPT example:

Inter Company Agreement On General Insurance Business

"I need an Inter Company Agreement On General Insurance Business between our Singapore-based property insurance company and our Malaysian subsidiary, focusing on cross-border motor insurance policies and establishing a 70-30 risk-sharing arrangement, to be effective from March 2025."

What is a Inter Company Agreement On General Insurance Business?

The Inter Company Agreement On General Insurance Business is essential for insurance companies operating in Singapore who wish to establish formal collaborative arrangements. This document is particularly relevant when companies need to define their relationship in conducting general insurance business, sharing risks, or managing joint operations. It addresses key requirements under Singapore's regulatory framework, including MAS guidelines and the Insurance Act, while covering crucial aspects such as underwriting protocols, claims management, financial arrangements, and compliance obligations. The agreement is designed to ensure clear operational parameters while maintaining regulatory compliance in the Singapore insurance market.

What sections should be included in a Inter Company Agreement On General Insurance Business?

1. Parties: Identification and details of the insurance companies entering into the agreement

2. Background: Context and purpose of the agreement, including business relationship overview

3. Definitions: Key terms and their meanings as used in the agreement

4. Scope of Business: Details of insurance business covered under the agreement

5. Underwriting Guidelines: Agreed protocols for risk assessment and policy issuance

6. Claims Handling: Procedures for processing and settling insurance claims

7. Financial Arrangements: Premium handling, commission structures, and payment terms

8. Compliance Requirements: Regulatory obligations and compliance procedures

9. Term and Termination: Duration of agreement and termination provisions

What sections are optional to include in a Inter Company Agreement On General Insurance Business?

1. Data Protection: Specific provisions for handling personal data, used when agreement involves significant data sharing

2. Reinsurance Arrangements: Details of reinsurance coverage, included when applicable

3. Service Level Agreements: Specific performance metrics, included when operational standards need to be defined

4. IT Systems Integration: Technical requirements for system connectivity, included when relevant

What schedules should be included in a Inter Company Agreement On General Insurance Business?

1. Schedule 1: Classes of Insurance: Detailed list of insurance products covered

2. Schedule 2: Commission Structure: Detailed breakdown of commission rates and calculations

3. Schedule 3: Claims Procedures: Detailed operational procedures for claims handling

4. Appendix A: Reporting Templates: Standard forms for regular reporting requirements

5. Appendix B: Contact Details: Key personnel and escalation protocols

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

Relevant legal definitions
Clauses
Industries

Insurance Act 1966 (Cap. 142): Primary legislation that regulates insurance business in Singapore, including licensing requirements and definition of insurance business classes

Companies Act (Cap. 50): Core legislation governing corporate entities, their interactions, and regulation of inter-company relationships and transactions

MAS Guidelines: Regulatory framework including MAS Notice 124 (Risk Management), MAS Notice 129 (Insurance Returns), and Guidelines on Fair Dealing issued by the Monetary Authority of Singapore

Personal Data Protection Act 2012 (PDPA): Legislation governing the handling and protection of customer data between companies

Competition Act (Cap. 50B): Legislation ensuring agreements do not violate anti-competitive practices in Singapore

Contract Law (Cap. 53): Singapore contract law principles based on English common law, governing the formation and execution of contracts

Corporate Governance Guidelines: MAS Guidelines on Corporate Governance including requirements for risk management and internal controls

Income Tax Act and GST Act: Tax legislation affecting insurance services and inter-company transactions in Singapore

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

Find the exact document you need

Master Intercompany Services Agreement

A Singapore law-governed agreement regulating service provision between related companies within a corporate group.

find out more

Intragroup Loan Agreement

A Singapore law-governed agreement facilitating loan arrangements between entities within the same corporate group.

find out more

Intercompany Reimbursement Agreement

A Singapore law-governed agreement establishing cost reimbursement terms between related companies.

find out more

Inter Company Agreement On General Insurance Business

A Singapore-law governed agreement establishing terms of cooperation between insurance companies for general insurance business operations.

find out more

Intercompany Recharge Agreement

A Singapore-law governed agreement regulating cost allocation and service charges between related group companies.

find out more

Intercompany Administrative Services Agreement

A Singapore law agreement governing the provision of administrative services between related companies, ensuring regulatory compliance and defining service terms.

find out more

Intercompany Shared Services Agreement

A Singapore law-governed agreement regulating shared services arrangements between related companies within a corporate group.

find out more

Intercompany Lease Agreement

A Singapore-law governed lease agreement between affiliated companies, incorporating transfer pricing and corporate governance requirements.

find out more

Intercompany Assignment Agreement

A Singapore law agreement managing temporary employee assignments between related companies, addressing employment terms and compliance requirements.

find out more

Intercompany Cost Sharing Agreement

A Singapore-law agreement governing the allocation and sharing of costs between related entities within a corporate group, compliant with local transfer pricing regulations.

find out more

Intercompany Settlement Agreement

A Singapore law-governed agreement that formalizes settlement arrangements between related companies within the same corporate group.

find out more

Intercompany Asset Transfer Agreement

A Singapore law-governed agreement facilitating the transfer of assets between related companies within the same corporate group.

find out more

Inter Company Loan Agreement

A Singapore law-governed agreement establishing terms for loans between related companies, including interest rates, repayment terms, and regulatory compliance requirements.

find out more

Intercompany Revolving Loan Agreement

A Singapore law agreement establishing a revolving loan facility between related companies within the same corporate group.

find out more

Download our whitepaper on the future of AI in Legal

By providing your email address you are consenting to our Privacy Notice.
Thank you for downloading our whitepaper. This should arrive in your inbox shortly. In the meantime, why not jump straight to a section that interests you here: https://www.genieai.co/our-research
Oops! Something went wrong while submitting the form.

Genie’s Security Promise

Genie is the safest place to draft. Here’s how we prioritise your privacy and security.

Your documents are private:

We do not train on your data; Genie’s AI improves independently

All data stored on Genie is private to your organisation

Your documents are protected:

Your documents are protected by ultra-secure 256-bit encryption

Our bank-grade security infrastructure undergoes regular external audits

We are ISO27001 certified, so your data is secure

Organizational security

You retain IP ownership of your documents

You have full control over your data and who gets to see it

Innovation in privacy:

Genie partnered with the Computational Privacy Department at Imperial College London

Together, we ran a £1 million research project on privacy and anonymity in legal contracts

Want to know more?

Visit our Trust Centre for more details and real-time security updates.