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Binder Agreement (Insurance)

Binder Agreement (Insurance) Template for Indonesia

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Key Requirements PROMPT example:

Binder Agreement (Insurance)

"I need an Indonesian law Binder Agreement (Insurance) for delegating property and casualty insurance underwriting authority to our regional broker, with binding limits up to IDR 5 billion per risk and including claims handling authority."

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Document background
A Binder Agreement (Insurance) is a fundamental document in the Indonesian insurance industry that establishes a delegated authority relationship between insurers and their distribution partners. It is used when an insurance company wishes to authorize a broker or agent to bind insurance coverage on their behalf, subject to specified limitations and conditions. The agreement must comply with Indonesian insurance regulations, particularly Law No. 40 of 2014 and OJK requirements, and typically includes detailed provisions on underwriting authority, risk acceptance criteria, premium handling, reporting obligations, and compliance requirements. This type of agreement is essential for insurers looking to expand their distribution channels while maintaining proper control and oversight of their underwriting operations.
Suggested Sections

1. Parties: Identifies the Insurance Company (Principal) and the Binder Holder (Agent/Broker), including their complete legal details and regulatory licenses

2. Background: Sets out the context of the agreement, including the Principal's authority to conduct insurance business in Indonesia and the Binder Holder's qualifications

3. Definitions: Defines key terms used throughout the agreement, including regulatory terms specific to Indonesian insurance law

4. Appointment and Scope: Details the appointment of the Binder Holder and the exact scope of authority granted

5. Duration and Territory: Specifies the term of the agreement and geographical limitations of the binding authority

6. Binding Authority Limits: Specifies financial, risk, and class of business limitations on the binding authority

7. Compliance Requirements: Details compliance obligations under Indonesian insurance regulations and OJK requirements

8. Premium and Commission: Specifies premium handling procedures and commission structures

9. Reporting and Records: Details required reports, documentation, and record-keeping obligations

10. Risk Management: Outlines risk management procedures and controls

11. Termination: Specifies termination conditions and post-termination obligations

12. General Provisions: Includes standard contractual provisions like notices, amendments, governing law, etc.

Optional Sections

1. Claims Handling Authority: Include when the Binder Holder is granted authority to handle claims

2. Delegated Underwriting Procedures: Include when specific underwriting guidelines need to be incorporated

3. IT Systems and Integration: Include when there are specific technology requirements for policy issuance and reporting

4. Training Requirements: Include when specific staff training and certification requirements apply

5. Profit Commission: Include when profit sharing arrangements are part of the agreement

6. Service Level Requirements: Include when specific performance metrics and service levels need to be maintained

Suggested Schedules

1. Schedule A - Classes of Business: Details the specific insurance classes covered by the binding authority

2. Schedule B - Authority Limits: Detailed table of financial and risk acceptance limits

3. Schedule C - Commission Structure: Detailed breakdown of commission rates by product type

4. Schedule D - Reporting Templates: Standard formats for required periodic reports

5. Schedule E - Underwriting Guidelines: Detailed underwriting criteria and procedures

6. Appendix 1 - Required Documentation: List of required documents for policy issuance

7. Appendix 2 - Compliance Checklist: Regulatory compliance requirements checklist

8. Appendix 3 - Contact Details: Key contact persons and escalation procedures

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok成人版 | 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

Insurance

Reinsurance

Financial Services

Risk Management

Insurance Broking

Insurance Distribution

Corporate Services

Financial Technology

Relevant Teams

Legal

Compliance

Underwriting

Risk Management

Operations

Distribution

Product Development

Broker Relations

Agency Development

Internal Audit

Relevant Roles

Chief Executive Officer

Chief Risk Officer

Chief Underwriting Officer

Head of Legal

Head of Compliance

Insurance Operations Manager

Underwriting Manager

Distribution Manager

Broker Relations Manager

Agency Development Manager

Risk Manager

Compliance Officer

Legal Counsel

Insurance Product Manager

Operations Director

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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