The Binding Authority Agreement is a crucial document used when an insurer wishes to delegate its authority to underwrite insurance policies to another entity (the coverholder) under Danish law. This delegation requires a comprehensive agreement that clearly defines the parameters of the authority granted, ensuring compliance with Danish insurance regulations, particularly the Financial Business Act and Insurance Contracts Act. The agreement is essential for establishing clear operational guidelines, regulatory compliance requirements, and risk management procedures. It typically includes detailed schedules covering authority limits, commission structures, reporting requirements, and service levels. This type of agreement is particularly important in the Danish insurance market where regulatory oversight is strict and detailed documentation of delegated authorities is required.
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Key Requirements PROMPT example:
Binding Authority Agreement
I need a Binding Authority Agreement for delegating property insurance underwriting authority to a Danish coverholder, with a focus on commercial real estate risks and a maximum authority limit of 鈧5 million per risk, planned to commence from March 1, 2025.
1. Parties: Identification of the insurer delegating authority and the coverholder receiving it
2. Background: Context of the agreement and general purpose of the delegation
3. Definitions: Definitions of key terms used throughout the agreement
4. Appointment and Scope: formal appointment of coverholder and detailed scope of delegated authority
5. Term and Termination: Duration of the agreement and circumstances for termination
6. Duties and Responsibilities: Detailed obligations of the coverholder in exercising the delegated authority
7. Underwriting Guidelines: Parameters and limitations for underwriting decisions
8. Claims Handling: Procedures and authority levels for claims management
9. Regulatory Compliance: Obligations regarding regulatory requirements and maintaining necessary licenses
10. Reporting Requirements: Specified reports and their frequency
11. Financial Arrangements: Premium handling, commissions, and other financial matters
12. Data Protection: GDPR compliance and data handling requirements
13. Audit Rights: Insurer's rights to audit the coverholder's operations
14. Governing Law and Jurisdiction: Specification of Danish law and jurisdiction
1. Sub-Delegation: Include when the coverholder may need to sub-delegate certain authorities
2. IT Systems and Security: Include when specific IT systems or security requirements need to be mandated
3. Business Continuity: Include for larger arrangements requiring specific business continuity planning
4. Marketing Guidelines: Include when the coverholder will be conducting marketing activities
5. Staff Requirements: Include when specific staffing levels or qualifications are required
6. Sanctions Compliance: Include when dealing with international business or high-risk territories
1. Schedule A - Authority Limits: Detailed limits of authority including maximum sums insured, territories, and classes of business
2. Schedule B - Commission Structure: Detailed breakdown of commission rates and profit commission if applicable
3. Schedule C - Reporting Templates: Standard formats for required reports
4. Schedule D - Service Levels: Specific service standards and response times
5. Schedule E - Processing Procedures: Detailed operational procedures for policy issuance and claims handling
6. Appendix 1 - Underwriting Guidelines: Detailed technical underwriting guidelines and risk acceptance criteria
7. Appendix 2 - Claims Guidelines: Detailed procedures for claims handling and authority levels
8. Appendix 3 - Policy Wording Templates: Approved policy wordings and endorsements
Authors
Relevant legal definitions
Clauses
Relevant Industries
Insurance
Financial Services
Risk Management
Insurance Broking
Reinsurance
Professional Services
Maritime Insurance
Property Insurance
Liability Insurance
Commercial Insurance
Relevant Teams
Legal
Compliance
Underwriting
Claims
Risk Management
Operations
Business Development
Regulatory Affairs
Product Development
Delegated Authority Management
Relevant Roles
Chief Underwriting Officer
Legal Counsel
Compliance Officer
Risk Manager
Operations Director
Claims Manager
Underwriting Manager
Business Development Director
Insurance Operations Manager
Regulatory Affairs Manager
Contract Manager
Insurance Product Manager
Chief Risk Officer
Managing Director
Head of Delegated Authority
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