The Fronting Agreement (Insurance) is essential in situations where an insurer wishes to write business in a jurisdiction where another insurer holds the necessary licenses or has established market presence. Under Swiss law, these agreements must comply with strict regulatory requirements set by FINMA and the Swiss Insurance Supervision Act. The document outlines the complete operational relationship between the fronting insurer and the risk-bearing party, including detailed provisions for premium handling, claims management, underwriting guidelines, and regulatory compliance. It's particularly relevant when international insurers want to access the Swiss market or when Swiss insurers act as fronting partners for international programs. The agreement must address specific Swiss regulatory requirements while establishing clear mechanisms for risk transfer, financial security, and operational procedures.
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1. Parties: Identification of the fronting insurer and the reinsurer/risk-assuming party, including full legal names and registration details
2. Background: Context of the agreement, including the purpose of the fronting arrangement and the basic business relationship
3. Definitions: Detailed definitions of technical terms, including insurance-specific terminology and agreement-specific concepts
4. Scope of Agreement: Details of the insurance business covered, including types of policies, territories, and lines of business
5. Underwriting Guidelines: Specific criteria and procedures for policy underwriting, including limits and excluded risks
6. Premium Handling: Procedures for premium collection, allocation, and transfer between parties
7. Claims Handling: Procedures for claims processing, settlement authority, and payment responsibilities
8. Reinsurance Arrangements: Details of risk transfer mechanism, including retention limits and reinsurance terms
9. Financial Security: Requirements for collateral, letters of credit, or other security arrangements
10. Regulatory Compliance: Obligations regarding insurance regulations, reporting requirements, and maintaining licenses
11. Accounting and Settlements: Procedures for financial reporting, settlements, and reconciliation between parties
12. Term and Termination: Duration of agreement, renewal provisions, and termination conditions
13. Dispute Resolution: Procedures for resolving disputes, including jurisdiction and applicable law
14. General Provisions: Standard contractual provisions including notices, amendments, and severability
1. Cut-Through Provisions: Optional provisions allowing direct access by policyholders to the reinsurer in specific circumstances
2. Broker Arrangements: Required when intermediaries are involved in the placement or administration of policies
3. Data Protection: Detailed provisions for handling personal data when the agreement involves processing of significant personal information
4. Anti-Money Laundering Compliance: Specific AML procedures when dealing with high-risk business or territories
5. Profit Sharing: Terms for sharing underwriting profits when agreed between parties
6. Portfolio Transfer Provisions: Procedures for transferring existing business when incorporating legacy portfolios
7. Service Level Agreements: Detailed performance metrics when specific service standards are required
1. Schedule A - Business Coverage: Detailed specification of insurance classes, territories, and types of risks covered
2. Schedule B - Commission Structure: Details of frontend fees, profit commission, and other financial arrangements
3. Schedule C - Reporting Requirements: Templates and timeframes for regular reporting between parties
4. Schedule D - Claims Authority Matrix: Detailed breakdown of claims handling and settlement authorities
5. Schedule E - Security Requirements: Specific details of collateral requirements and calculations
6. Appendix 1 - Underwriting Guidelines: Detailed technical underwriting criteria and procedures
7. Appendix 2 - Claims Handling Manual: Detailed procedures for claims processing and documentation
8. Appendix 3 - Accounting Procedures: Detailed procedures for financial reporting and settlements
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