The Insurance Agent Commission Agreement is a crucial document in the Nigerian insurance industry that formalizes the business relationship between insurance companies and their agents. This agreement is essential when an insurance company wishes to expand its distribution network through authorized agents, whether individuals or corporate entities. It sets out the framework for commission payments, defines the scope of the agent's authority, and ensures compliance with Nigerian insurance regulations, particularly those enforced by NAICOM. The document is designed to protect both parties' interests while maintaining regulatory compliance and professional standards in the insurance sector. It includes detailed commission structures, performance expectations, compliance requirements, and operational procedures specific to the Nigerian insurance market.
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1. Parties: Identification of the insurance company and the agent, including their registered addresses and regulatory license numbers
2. Background: Context of the agreement, including the insurer's authority to conduct business and the agent's qualifications
3. Definitions: Key terms used throughout the agreement, including technical insurance terms and commission-related terminology
4. Appointment and Scope: Formal appointment of the agent and detailed scope of authorized activities
5. Agent's Obligations: Comprehensive list of agent's duties, responsibilities, and compliance requirements
6. Company's Obligations: Insurance company's commitments, support, and obligations to the agent
7. Commission Structure: Basic framework for commission calculations, payment terms, and conditions
8. Compliance Requirements: Regulatory compliance obligations under Nigerian insurance laws and NAICOM regulations
9. Confidentiality: Provisions for handling confidential information and trade secrets
10. Term and Termination: Duration of agreement and circumstances for termination
11. Post-Termination Obligations: Duties and restrictions that survive after agreement termination
12. Dispute Resolution: Procedures for handling disputes under Nigerian law
13. General Provisions: Standard clauses including notices, amendments, and governing law
1. Training and Support: Details of training programs and support services provided by the insurer - include when the agent is new or requires specific product training
2. Performance Targets: Specific sales targets and performance metrics - include when the agreement includes performance-based incentives
3. Territory Restrictions: Geographical limitations on agent's activities - include when the agent is restricted to specific regions
4. Sub-Agents: Terms for appointing and managing sub-agents - include when sub-agents are permitted
5. Digital Tools and Systems: Use of company's digital platforms and systems - include when specific technology is provided
6. Professional Indemnity: Requirements for professional indemnity insurance - include for high-value or specialized insurance products
7. Marketing Guidelines: Rules for marketing and promotional activities - include when agent has marketing responsibilities
1. Schedule A - Commission Rates: Detailed breakdown of commission percentages for different insurance products and categories
2. Schedule B - Authorized Insurance Products: List of specific insurance products the agent is authorized to sell
3. Schedule C - Performance Bonus Structure: Details of additional incentives and bonus calculations
4. Schedule D - Reporting Templates: Standard forms and formats for regular reporting requirements
5. Schedule E - Compliance Checklist: Detailed compliance requirements and verification checklist
6. Appendix 1 - Required Documentation: List of documents required for policy applications and claims
7. Appendix 2 - Code of Conduct: Detailed behavioral and ethical guidelines for the agent
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