The Binding Authority Agreement is a crucial document in the Nigerian insurance market that establishes the framework for delegated underwriting arrangements. It is used when an insurance company wishes to authorize a coverholder to underwrite insurance business on its behalf, subject to specific terms, conditions, and limitations. The agreement must comply with Nigerian insurance regulations, particularly those set by NAICOM, and includes detailed provisions on authority limits, compliance requirements, reporting obligations, and operational procedures. This document is essential for managing delegated authority relationships in the Nigerian insurance sector and typically requires regulatory notification or approval. It should address all aspects of the delegation arrangement, including risk management, financial controls, and regulatory compliance mechanisms.
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1. Parties: Identification of the delegating insurer and the coverholder, including full legal names and addresses
2. Background: Context of the agreement and relationship between parties
3. Definitions: Defined terms used throughout the agreement
4. Appointment and Scope: Terms of appointment and precise scope of authority delegated
5. Duration: Period of the agreement, including commencement date and renewal terms
6. Authority Limits: Specific limitations on the coverholder's authority, including financial limits and classes of business
7. Duties and Responsibilities: Detailed obligations of the coverholder in exercising the delegated authority
8. Regulatory Compliance: Compliance requirements under Nigerian law and NAICOM regulations
9. Premium and Claims Handling: Procedures for premium collection and claims management
10. Reporting Requirements: Regular reporting obligations and documentation requirements
11. Remuneration: Commission structure and payment terms
12. Records and Audit Rights: Record-keeping requirements and insurer's audit rights
13. Confidentiality: Confidentiality obligations and data protection requirements
14. Termination: Termination rights and procedures
15. Post-Termination Obligations: Obligations surviving termination of the agreement
16. Dispute Resolution: Process for resolving disputes under Nigerian law
17. General Provisions: Standard boilerplate clauses including notices, amendments, and governing law
1. Third-Party Service Providers: Requirements and obligations when using third-party service providers
2. IT Systems and Security: Specific requirements for IT systems, security protocols, and data protection
3. International Business: Additional requirements for conducting international insurance business
4. Sanctions: Specific provisions regarding compliance with international sanctions
5. Staff Requirements: Specific requirements for staff qualifications and training
6. Business Continuity: Requirements for business continuity and disaster recovery
7. Marketing and Branding: Rules regarding use of insurer's branding and marketing materials
8. Profit Commission: Additional profit-sharing arrangements if applicable
1. Schedule A - Authority Limits: Detailed breakdown of authority limits by class of business
2. Schedule B - Commission Rates: Detailed commission structure and calculations
3. Schedule C - Reporting Templates: Standard formats for required reports
4. Schedule D - Claims Handling Procedures: Detailed procedures for claims handling
5. Schedule E - Compliance Requirements: Specific compliance procedures and checklists
6. Schedule F - Service Levels: Agreed service levels and performance metrics
7. Appendix 1 - Required Documents: List of required documentation for policy issuance
8. Appendix 2 - Systems Access: Procedures for systems access and security protocols
9. Appendix 3 - Staff Requirements: Minimum qualification requirements for key staff positions
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