Insurance Referral Agreement

Insurance Referral Agreement Template for England and Wales

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Key Requirements PROMPT example:

"I need an Insurance Referral Agreement for a partnership between our insurance brokerage and a retail bank, where they will refer high-net-worth customers to us for specialized insurance products, with a tiered commission structure starting from March 2025."

Document background

The Insurance Referral Agreement is essential for businesses operating in the UK insurance sector that wish to establish formal referral partnerships. This agreement, governed by English and Welsh law, ensures compliance with FCA regulations and the Financial Services and Markets Act 2000. It defines the relationship between insurance providers and referrers, establishing clear guidelines for customer referrals, commission payments, and regulatory obligations. The document is particularly important given the strict regulatory environment surrounding insurance distribution in the UK.

Suggested Sections

1. Parties: Identification and details of the contracting parties

2. Background: Context and purpose of the agreement, including regulatory framework references

3. Definitions: Key terms used throughout the agreement, including regulatory and industry-specific terminology

4. Scope of Services: Details of referral services to be provided and limitations of authority

5. Regulatory Compliance: Obligations under FSMA, FCA requirements, and other applicable regulations

6. Commission Structure: Payment terms, commission arrangements, and disclosure requirements

7. Data Protection: Obligations under UK GDPR and Data Protection Act 2018

8. Term and Termination: Duration, renewal, and termination provisions including regulatory implications

Optional Sections

1. Marketing Requirements: Guidelines for marketing activities and compliance with financial promotion rules

2. Training Requirements: Staff training obligations and competency requirements

3. White Labelling: Provisions for white-label services and associated responsibilities

4. Anti-Money Laundering: Specific AML obligations and procedures where relevant

Suggested Schedules

1. Commission Schedule: Detailed commission rates, payment terms, and clawback provisions

2. Service Level Agreement: Performance metrics, service standards, and reporting requirements

3. Compliance Requirements: Detailed regulatory compliance obligations and procedures

4. Data Processing Agreement: Detailed data protection requirements and processing obligations

5. Required Disclaimers: Standard regulatory disclaimers and disclosures

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok��˰� | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Financial Services
Insurance
Retail
Professional Services

Relevant Teams

Compliance
Legal
Business Development
Operations
Risk
Finance

Relevant Roles

Compliance Officer
Business Development Manager
Insurance Broker
Commercial Director
Risk Manager

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Let's create your Insurance Referral Agreement

Authors

Alex Denne

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