The Insurance Agency Agreement (Insurance) is a crucial document used to establish and govern the formal relationship between insurance companies and their appointed agents in Denmark. This agreement is essential when an insurance company wishes to expand its distribution network through independent agents or when restructuring existing agency relationships. The document comprehensively addresses all aspects of the agency relationship, including regulatory compliance under Danish insurance laws and EU directives, specifically the Insurance Distribution Directive (IDD). It details the agent's authority to sell insurance products, commission structures, compliance requirements, reporting obligations, and risk management procedures. The agreement is particularly important in the Danish market, where insurance distribution often relies on a network of professional agents, and must align with the specific requirements of the Danish Financial Supervisory Authority (Finanstilsynet).
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Key Requirements PROMPT example:
Agency Agreement (Insurance)
I need an Insurance Agency Agreement under Danish law for appointing an experienced agent to sell our life and pension insurance products in the Copenhagen region, with the agreement starting March 1, 2025, and including specific provisions for digital sales channels and GDPR compliance.
1. Parties: Identification of the Insurance Company (Principal) and the Agent, including their full legal names, registration numbers, and addresses
2. Background: Context of the agreement, including the Principal's business, the Agent's qualifications, and the purpose of the arrangement
3. Definitions: Definitions of key terms used throughout the agreement, including technical insurance terms and agreement-specific terminology
4. Appointment and Scope: Terms of the agent's appointment, territory, and scope of authority to represent the insurance company
5. Regulatory Compliance: Obligations regarding insurance regulation compliance, including IDD requirements and local Danish regulatory requirements
6. Agent's Duties and Responsibilities: Detailed outline of the agent's obligations, including sales practices, customer service, and reporting requirements
7. Principal's Duties and Responsibilities: Insurance company's obligations regarding support, training, and information provision to the agent
8. Commission and Payment Terms: Structure of commission payments, calculation methods, payment timing, and related financial arrangements
9. Compliance with Laws and Policies: Requirements for compliance with relevant laws, regulations, and company policies
10. Confidentiality and Data Protection: Obligations regarding confidential information handling and GDPR compliance
11. Non-Competition and Non-Solicitation: Restrictions on competitive activities during and after the agreement term
12. Term and Termination: Duration of the agreement and circumstances under which it can be terminated
13. Post-Termination Obligations: Obligations and procedures following agreement termination
14. Liability and Indemnification: Allocation of risks and responsibilities between parties, including insurance requirements
15. General Provisions: Standard clauses including notices, amendments, governing law, and dispute resolution
1. Performance Targets: Specific sales targets and performance metrics, used when the principal wants to set measurable objectives
2. Training Requirements: Detailed training obligations and certification requirements, included when specific qualifications are needed
3. Marketing and Branding: Rules for use of principal's branding and marketing materials, included when agent will conduct marketing activities
4. IT Systems and Support: Requirements for using principal's IT systems, included when specific technology platforms are provided
5. Sub-Agents: Terms for appointing sub-agents, included when the agent is permitted to use sub-agents
6. Professional Indemnity Insurance: Specific insurance requirements, included when additional coverage beyond standard liability is needed
7. Claims Handling Procedures: Procedures for handling insurance claims, included when agent has claims-related responsibilities
1. Schedule 1 - Products and Services: Detailed list of insurance products and services the agent is authorized to sell
2. Schedule 2 - Commission Structure: Detailed commission rates, bonus structures, and calculation methods
3. Schedule 3 - Territory: Detailed description of the geographical area or market segment covered
4. Schedule 4 - Reporting Requirements: Templates and specifications for required reports and their frequency
5. Schedule 5 - Compliance Procedures: Detailed compliance procedures and checklists
6. Appendix A - Required Documentation: List of required documentation for customer onboarding and policy issuance
7. Appendix B - Service Level Requirements: Specific service standards and response time requirements
Authors
Relevant legal definitions
Clauses
Relevant Industries
Insurance
Financial Services
Risk Management
Professional Services
Financial Technology
Wealth Management
Banking (for bancassurance arrangements)
Retail Distribution
Corporate Services
Relevant Teams
Legal
Compliance
Distribution
Sales
Risk Management
Operations
Business Development
Regulatory Affairs
Agency Management
Commercial
Product Development
Relevant Roles
Insurance Agent
Compliance Officer
Legal Counsel
Insurance Broker
Sales Director
Distribution Manager
Risk Manager
Commercial Director
Business Development Manager
Agency Manager
Regulatory Affairs Manager
Operations Manager
Contract Manager
Chief Executive Officer
Chief Legal Officer
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