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The Insurance Agent Agreement is a crucial document used to establish and regulate the business relationship between insurance companies and their authorized agents in Indonesia. This agreement is specifically designed to comply with Indonesian insurance regulations, particularly Law No. 40 of 2014 on Insurance and various OJK regulations governing insurance intermediaries. It is used when an insurance company wishes to appoint an agent to market and sell its insurance products, setting out the precise scope of the agent's authority, commission structures, compliance requirements, and operational procedures. The document incorporates mandatory regulatory requirements while protecting both parties' interests and ensuring clear accountability in the agency relationship. It's essential for insurance companies expanding their distribution networks through agents in the Indonesian market.

1. Parties: Identifies the insurance company and the agent, including their complete legal names, registration numbers, and addresses

2. Background: Establishes the context of the agreement, including the insurance company's authority to operate in Indonesia and the agent's qualifications

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

4. Appointment and Scope: Details the formal appointment of the agent and defines the scope of authority granted

5. Agent's Obligations: Comprehensive list of the agent's duties, responsibilities, and compliance requirements

6. Company's Obligations: Details the insurance company's responsibilities to the agent, including training and support

7. Licensing and Compliance: Specifies requirements for maintaining necessary licenses and compliance with OJK regulations

8. Commission Structure: Details the commission rates, calculation methods, and payment terms

9. Confidentiality: Provisions regarding the handling of confidential information and data protection

10. Non-Competition: Restrictions on the agent's ability to represent other insurers or compete with the company

11. Term and Termination: Duration of the agreement and circumstances under which it can be terminated

12. Post-Termination Obligations: Obligations that survive termination, including return of materials and ongoing confidentiality

13. Governing Law: Confirms Indonesian law as governing law and specifies dispute resolution procedures

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