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The Insurance Agency Agreement (Insurance) is a crucial document used to formalize the appointment of insurance agents in Indonesia's regulated insurance market. This agreement is essential when an insurance company wishes to expand its distribution network through authorized agents who will sell and promote insurance products on its behalf. The document must comply with Indonesian insurance regulations, particularly Law No. 40 of 2014 on Insurance and various Financial Services Authority (OJK) regulations. It covers key aspects such as agent authorization, territory restrictions, commission structures, compliance requirements, and operational procedures. The agreement is designed to protect both parties' interests while ensuring adherence to local insurance laws and regulations, including requirements for agent certification, professional conduct, and consumer protection.

1. Parties: Identification of the Insurance Company and the Agent, including their complete legal names, registration numbers, and addresses

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

3. Definitions: Key terms used throughout the agreement, including technical insurance terms and regulatory references

4. Appointment and Scope: Formal appointment of the agent and detailed scope of authorized activities

5. Territory and Products: Geographical area where the agent may operate and specific insurance products they are authorized to sell

6. Agent's Obligations: Comprehensive list of agent's duties, including regulatory compliance, reporting requirements, and service standards

7. Company's Obligations: Insurance company's commitments regarding training, support, and materials provision

8. Compliance Requirements: Specific regulatory requirements under Indonesian insurance laws and POJK regulations

9. Commission Structure: Details of commission rates, payment terms, and calculation methods

10. Representations and Warranties: Standard declarations regarding legal capacity, licenses, and compliance

11. Confidentiality: Provisions for handling confidential information and customer data

12. Term and Termination: Duration of agreement and grounds for termination

13. Post-Termination Obligations: Duties and restrictions following agreement termination

14. Dispute Resolution: Process for resolving disputes under Indonesian law

15. Governing Law: Specification of Indonesian law as governing law

16. General Provisions: Standard clauses including notices, amendments, and severability