This Binder Agreement (Insurance) is a crucial document used in the New Zealand insurance market to establish a formal delegation of underwriting authority. It is typically employed when an insurer wishes to grant another entity (the coverholder) the power to bind insurance contracts on its behalf. The agreement must comply with New Zealand's regulatory framework, including requirements set by the Reserve Bank of New Zealand and relevant financial services legislation. It contains detailed provisions covering underwriting guidelines, premium handling, claims procedures, reporting requirements, and compliance obligations. This type of agreement is essential for managing delegated underwriting arrangements while ensuring proper risk management and regulatory compliance in the New Zealand insurance market.
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1. Parties: Identifies the insurer granting the authority and the coverholder receiving it
2. Background: Context of the agreement, including relevant licenses and authorizations
3. Definitions: Key terms used throughout the agreement, including specific insurance and regulatory terminology
4. Grant of Authority: Scope and limits of the binding authority granted to the coverholder
5. Term and Renewal: Duration of the agreement and renewal provisions
6. Underwriting Guidelines: Specific parameters for risk acceptance, pricing, and policy issuance
7. Premium and Commission: Premium handling, commission structures, and payment terms
8. Reporting Requirements: Mandatory reporting obligations, formats, and timeframes
9. Claims Handling: Procedures for claims notification, handling, and settlement authority
10. Compliance and Controls: Regulatory compliance requirements and internal control measures
11. Records and Audit: Record-keeping requirements and audit rights
12. Termination: Grounds and procedures for termination of the agreement
13. General Provisions: Standard contractual provisions including governing law, notices, and assignment
1. Delegated Claims Authority: Include when the coverholder is authorized to handle and settle claims
2. Sub-Delegation: Include when sub-delegation of authority is permitted
3. IT Systems and Security: Include when specific technology platforms or security requirements apply
4. Territorial Limits: Include when authority is limited to specific geographic regions
5. Product Oversight: Include when the agreement covers product development or modification authority
6. Conduct Risk Management: Include for retail insurance products subject to conduct regulations
7. Sanctions Compliance: Include when international business or sanctions compliance is relevant
1. Schedule 1 - Classes of Business: Details of insurance classes and products covered by the authority
2. Schedule 2 - Underwriting Limits: Specific financial and risk acceptance limits
3. Schedule 3 - Commission Schedule: Detailed commission rates and payment structures
4. Schedule 4 - Reporting Templates: Required formats for bordereaux and other reports
5. Schedule 5 - Service Level Requirements: Performance standards and response time requirements
6. Appendix A - Policy Wording Templates: Approved policy wordings and endorsements
7. Appendix B - Claims Handling Procedures: Detailed claims handling protocols and authority limits
8. Appendix C - Compliance Checklist: Regulatory and operational compliance requirements
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