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The Insurance Agent Agreement is a critical document used when an insurance company wishes to appoint an agent to sell and promote its insurance products in the UAE market. This agreement is essential for establishing a formal agency relationship that complies with UAE insurance regulations, particularly Federal Law No. 6 of 2007 and relevant Insurance Authority resolutions. The document comprehensively covers the appointment terms, territorial scope, product authorization, commission structures, compliance requirements, and operational procedures. It's specifically designed to meet UAE regulatory requirements while protecting both the insurance company's and agent's interests, including provisions for licensing, anti-money laundering compliance, and data protection. The agreement is fundamental for insurance companies expanding their distribution networks and individuals or entities seeking to act as insurance agents in the UAE.

1. Parties: Identification of the Insurance Company and the Agent, including their full legal names, licenses, and registered addresses

2. Background: Context of the agreement, including the Insurance Company's authority to operate in UAE and the Agent's qualifications

3. Definitions: Key terms used throughout the agreement, including regulatory terms as per UAE insurance laws

4. Appointment and Scope: Terms of agent appointment, territory, and authorized insurance products

5. Licensing and Compliance: Requirements for maintaining necessary licenses and compliance with UAE insurance regulations

6. Agent's Rights and Obligations: Detailed responsibilities, including client service, documentation, and regulatory compliance

7. Company's Rights and Obligations: Insurance company's commitments, support, and obligations to the agent

8. Commission Structure: Commission rates, payment terms, and calculation methods

9. Representations and Warranties: Mutual assurances regarding capacity, authority, and compliance

10. Confidentiality: Protection of confidential information and trade secrets

11. Data Protection: Handling of customer data and compliance with UAE data protection requirements

12. Anti-Money Laundering: AML compliance requirements and procedures

13. Records and Reporting: Record-keeping obligations and reporting requirements

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

15. Post-Termination Obligations: Duties and restrictions after agreement termination

16. Indemnification: Mutual indemnification provisions and liability limitations

17. Governing Law and Jurisdiction: UAE law as governing law and jurisdiction for disputes

18. General Provisions: Standard boilerplate clauses including notices, amendments, and assignment