This Binder Agreement (Insurance) is essential for establishing a delegated underwriting arrangement in the Maltese insurance market, where an insurer grants authority to a coverholder to underwrite specific classes of insurance business on its behalf. Malta, as a significant EU insurance hub, requires such agreements to comply with strict regulatory requirements under the Insurance Business Act and related regulations. The document sets out comprehensive terms including authority limits, compliance requirements, operational procedures, and risk controls. It's particularly relevant for insurers expanding their distribution channels or managing general agents seeking delegated authority, and must align with both Maltese and EU regulatory frameworks. The agreement typically includes detailed schedules covering underwriting criteria, commission structures, and reporting requirements.
Binder Agreement (Insurance) for Malta
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Key Requirements PROMPT example:
Binder Agreement (Insurance)
"I need a Binder Agreement (Insurance) under Maltese law for delegating authority to an MGA to underwrite commercial property insurance with a maximum limit of 鈧5 million per risk, including claims handling authority and strict compliance controls, to be effective from March 1, 2025."
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1. Parties: Identification of the insurer/reinsurer granting the authority and the coverholder/binding authority holder
2. Background: Context of the agreement and confirmation of coverholder's authority to act
3. Definitions: Definitions of key terms used throughout the agreement
4. Appointment and Scope: Terms of appointment and scope of authority granted to the coverholder
5. Regulatory Compliance: Compliance requirements under Maltese insurance laws and EU regulations
6. Authority Limits: Specific limitations on the binding authority including financial limits, territorial scope, and classes of business
7. Duties and Responsibilities: Detailed obligations of both parties including underwriting guidelines and procedures
8. Premium and Commission: Terms relating to premium collection, commission rates, and payment procedures
9. Reporting Requirements: Specifications for regular reporting, including format, frequency, and content
10. Records and Audit Rights: Requirements for record-keeping and the insurer's right to audit
11. Data Protection: GDPR compliance and data handling requirements
12. Confidentiality: Provisions regarding confidential information handling
13. Professional Indemnity: Requirements for professional indemnity insurance coverage
14. Term and Termination: Duration of agreement and termination provisions
15. Post-Termination Obligations: Obligations that survive termination of the agreement
16. Governing Law and Jurisdiction: Confirmation of Maltese law and jurisdiction
1. Sub-Delegation: Required if the coverholder is permitted to delegate authority to third parties
2. Claims Handling Authority: Include if the coverholder is granted authority to handle claims
3. Service Level Agreement: Include when specific performance metrics need to be maintained
4. Business Continuity: Required for larger or more complex binding authorities
5. Anti-Money Laundering: Include when the coverholder handles client money
6. Sanctions: Required when dealing with international business or high-risk territories
7. Brand Usage: Include when the coverholder is authorized to use the insurer's branding
8. Training Requirements: Include when specific staff training or certification is required
1. Schedule A - Classes of Business: Detailed list of authorized insurance classes and products
2. Schedule B - Territory: Specific territories where authority can be exercised
3. Schedule C - Underwriting Guidelines: Detailed underwriting criteria and guidelines
4. Schedule D - Commission Structure: Detailed commission rates and payment terms
5. Schedule E - Reporting Templates: Standard formats for required reports
6. Schedule F - Service Levels: Detailed service level requirements and metrics
7. Schedule G - Systems and Security: IT and security requirements including access protocols
8. Appendix 1 - Required Documents: List of documents required for policy issuance
9. Appendix 2 - Claims Procedures: Detailed claims handling procedures if applicable
10. Appendix 3 - Contact Details: Key contact information for both parties
Authors
Relevant legal definitions
Clauses
Relevant Industries
Insurance
Reinsurance
Financial Services
Risk Management
Insurance Broking
Underwriting Services
Claims Management
Regulatory Compliance
Relevant Teams
Legal
Compliance
Underwriting
Risk Management
Operations
Claims
Business Development
Regulatory Affairs
Product Development
Finance
Internal Audit
Relevant Roles
Chief Underwriting Officer
Compliance Officer
Legal Counsel
Risk Manager
Insurance Operations Manager
Managing Director
Underwriting Manager
Claims Manager
Business Development Director
Regulatory Affairs Officer
Insurance Product Manager
Chief Risk Officer
Operations Director
Technical Underwriter
Compliance Manager
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