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Insurance Broker Agreement Template for Saudi Arabia

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Key Requirements PROMPT example:

Insurance Broker Agreement

"I need an Insurance Broker Agreement for our Saudi-based company to appoint a large international broker who will handle both conventional and Takaful insurance products across the GCC region, with operations starting March 2025."

Document background
The Insurance Broker Agreement is essential for establishing authorized insurance intermediary relationships in Saudi Arabia. This document is required when an insurance company wishes to appoint a licensed broker to sell and service its insurance products in the Saudi market. The agreement must comply with the Saudi Central Bank (SAMA) regulations, including the Insurance Market Code of Conduct and Insurance Intermediaries Regulation. It details the broker's authority, commission structures, compliance requirements, and service standards while ensuring alignment with Shariah principles. The document is particularly crucial as it helps define the responsibilities and limitations of insurance intermediaries within the Saudi regulatory framework.
Suggested Sections

1. Parties: Identification of the insurance broker and the insurance company, including their respective licenses and registration details

2. Background: Context of the agreement and brief description of the parties' business relationship

3. Definitions: Detailed definitions of terms used throughout the agreement, including regulatory-specific terminology

4. Appointment and Scope: Terms of the broker's appointment and detailed scope of authorized services

5. Broker's Obligations: Comprehensive list of broker's duties, including regulatory compliance, reporting requirements, and service standards

6. Company's Obligations: Insurance company's responsibilities, including provision of information, training, and support

7. Compliance with Laws: Specific requirements for compliance with SAMA regulations, AML laws, and Shariah principles

8. Commission Structure: Details of broker compensation, payment terms, and commission calculations

9. Representations and Warranties: Standard and regulatory-specific representations from both parties

10. Confidentiality: Provisions for handling confidential information and client data

11. Term and Termination: Duration of agreement and circumstances for termination

12. Professional Indemnity: Requirements for professional indemnity insurance and liability provisions

13. Dispute Resolution: Procedures for resolving disputes under Saudi law and jurisdiction

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

Optional Sections

1. Digital Services: Specific provisions for online insurance brokerage services, used when the broker provides digital platforms

2. International Operations: Additional requirements for brokers operating across multiple jurisdictions

3. Training and Development: Specific requirements for staff training and development programs, used for larger broker relationships

4. Marketing and Branding: Guidelines for use of company branding and marketing materials, included when broker has marketing rights

5. Sub-Broking Arrangements: Terms for appointing and managing sub-brokers, included when sub-broking is permitted

6. Specialty Lines: Special provisions for handling specific insurance products or lines of business

7. Group Company Provisions: Additional terms for brokers part of larger corporate groups

Suggested Schedules

1. Schedule 1 - Products and Services: Detailed list of insurance products and services the broker is authorized to sell

2. Schedule 2 - Commission Rates: Detailed commission structures for different products and services

3. Schedule 3 - Service Level Requirements: Specific performance metrics and service standards

4. Schedule 4 - Compliance Requirements: Detailed compliance procedures and regulatory requirements

5. Schedule 5 - Reporting Templates: Standard formats for regular reporting requirements

6. Appendix A - Required Documentation: List of required licenses, certificates, and regulatory documents

7. Appendix B - Contact Details: Key contact information for both parties

8. Appendix C - Systems and Technology: Technical requirements and specifications for digital integration

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok成人版 | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions












































Clauses











































Relevant Industries

Insurance

Financial Services

Banking

Risk Management

Professional Services

Technology

Healthcare

Real Estate

Construction

Manufacturing

Retail

Transportation

Energy

Relevant Teams

Legal

Compliance

Risk Management

Operations

Sales

Business Development

Finance

Underwriting

Claims

Corporate Governance

Regulatory Affairs

Information Technology

Product Development

Partnership Management

Relevant Roles

Insurance Broker

Compliance Officer

Legal Counsel

Risk Manager

Chief Executive Officer

Business Development Manager

Operations Manager

Sales Director

Underwriting Manager

Claims Manager

Finance Director

Regulatory Affairs Manager

Corporate Governance Officer

Partnership Manager

Technology Officer

Product Manager

Industries










Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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