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Loss Portfolio Transfer Agreement
"Need a Loss Portfolio Transfer Agreement to transfer our motor insurance portfolio valued at SGD 50 million to ABC Insurance Ltd, with completion targeted for March 2025 and including specific provisions for handling ongoing claims during the transition period."
1. Parties: Identification of the transferring and accepting parties
2. Background: Context of the transfer and business relationship
3. Definitions: Key terms used throughout the agreement
4. Portfolio Transfer: Details of the insurance portfolio being transferred
5. Consideration: Financial terms and payment details
6. Effective Date: When the transfer takes effect
7. Representations and Warranties: Statements of fact by both parties
8. Governing Law and Jurisdiction: Applicable law and dispute resolution
1. Transition Services: Provisions for any services to be provided during the transition period after the transfer
2. Data Protection: Provisions for handling personal data and ensuring compliance with data protection laws
3. Regulatory Approval: Specific provisions relating to obtaining necessary regulatory approvals from MAS
1. Schedule 1 - Portfolio Description: Detailed description of the insurance policies being transferred
2. Schedule 2 - Valuation Methodology: Methodology for calculating the value of the transferred portfolio
3. Schedule 3 - Claims Handling Procedures: Procedures for handling existing and future claims
4. Schedule 4 - Transfer Timeline: Detailed timeline for the transfer process and key milestones
Authors
Actual Transfer Date
Applicable Laws
Assumed Liabilities
Claim
Claims Handling Procedures
Completion
Consideration
Effective Date
Encumbrance
Excluded Liabilities
Insurance Business
Insurance Policies
Loss Portfolio
MAS
Material Adverse Change
Portfolio Transfer
Pre-Transfer Period
Regulatory Approvals
Reserves
Singapore Dollars
Technical Provisions
Transfer Notice
Transferring Insurer
Transition Period
Valuation Date
Valuation Methodology
Portfolio Transfer
Transfer Consideration
Conditions Precedent
Completion
Claims Handling
Representations and Warranties
Regulatory Compliance
Indemnification
Confidentiality
Data Protection
Business Records Transfer
Transition Services
Force Majeure
Assignment and Novation
Notices
Governing Law and Jurisdiction
Dispute Resolution
Entire Agreement
Severability
Amendment and Waiver
Third Party Rights
Costs and Expenses
Further Assurance
Counterparts
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