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Insurance Distribution Agreement

Insurance Distribution Agreement Template for Singapore

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Key Requirements PROMPT example:

Insurance Distribution Agreement

"Need an Insurance Distribution Agreement for our Singapore-based life insurance company to appoint a digital insurance broker platform as our distributor, with specific provisions for online sales and commission structures for different product categories, to be effective from March 2025."

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What is a Insurance Distribution Agreement?

The Insurance Distribution Agreement is essential for insurance companies seeking to expand their distribution channels in Singapore. This agreement defines the relationship between insurers and their distribution partners, ensuring compliance with Singapore's regulatory framework, including MAS requirements. It covers crucial aspects such as licensing, commission structures, compliance obligations, and service standards, while protecting both parties' interests in the distribution relationship.

What sections should be included in a Insurance Distribution Agreement?

1. Parties: Identification of the insurer and distributor

2. Background: Context of the agreement and relationship between parties

3. Definitions: Key terms used throughout the agreement including regulatory references

4. Appointment and Scope: Terms of appointment and authorized activities under the Insurance Act and Financial Advisers Act

5. Regulatory Compliance: Obligations to comply with Singapore insurance laws, MAS guidelines, and regulatory requirements

6. Commission Structure: Payment terms and commission calculations in compliance with regulatory restrictions

7. Obligations of Parties: Specific duties including licensing, training, record-keeping, and AML obligations

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

9. Data Protection: Compliance with PDPA 2012 and data handling requirements

10. Professional Indemnity: Insurance requirements and liability provisions

What sections are optional to include in a Insurance Distribution Agreement?

1. Cross-Border Distribution: Additional provisions for distribution outside Singapore, including specific territorial requirements

2. White Labeling: Provisions for branded distribution and associated compliance requirements

3. Digital Distribution: Specific provisions for online sales channels and digital platforms

4. Marketing and Advertising: Specific requirements for promotional materials and marketing compliance

What schedules should be included in a Insurance Distribution Agreement?

1. Schedule 1 - Products: List of authorized insurance products covered by the agreement

2. Schedule 2 - Commission Rates: Detailed commission structure, calculations, and payment terms

3. Schedule 3 - Service Levels: Performance metrics and service standards

4. Appendix A - Compliance Requirements: Detailed regulatory compliance obligations and procedures

5. Appendix B - Operating Procedures: Day-to-day operational procedures and requirements

6. Appendix C - Required Licenses: List of required regulatory licenses and certifications

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

alex.den.21@genieai.co
Relevant legal definitions





























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Industries

Insurance Act 1966: Primary legislation governing insurance business in Singapore (Chapter 142) that sets out the fundamental regulatory framework for insurance companies and intermediaries

Financial Advisers Act: Core legislation (Chapter 110) regulating financial advisory services, including insurance distribution, and setting out licensing requirements and conduct standards

Insurance (Intermediaries) Regulations: Specific regulations governing the conduct, duties, and responsibilities of insurance intermediaries in Singapore

Financial Advisers Regulations: Detailed regulations implementing the Financial Advisers Act, covering operational requirements and conduct standards

MAS Guidelines on Standards of Conduct: Regulatory guidelines establishing expected standards of conduct and best practices for insurance intermediaries

MAS Notice FAA-N16: Specific notice regarding recommendations on investment products, including investment-linked insurance products

MAS Fair Dealing Guidelines: Guidelines outlining board and senior management responsibilities for ensuring fair dealing outcomes for customers

Licensing Requirements: mandatory licensing and registration requirements for insurance intermediaries operating in Singapore

Commission Regulations: Rules and restrictions governing commission structures and remuneration of insurance intermediaries

Disclosure Requirements: mandatory disclosure obligations regarding products, fees, commissions, and potential conflicts of interest

Fit and Proper Criteria: Standards for assessing the suitability of individuals and entities involved in insurance distribution

AML Obligations: Anti-money laundering requirements and procedures that must be implemented by insurance intermediaries

PDPA 2012: Personal Data Protection Act requirements governing the collection, use, and disclosure of customer data

Record Keeping Requirements: Obligations for maintaining proper records of transactions, client interactions, and compliance matters

Professional Indemnity Insurance: Requirements for maintaining adequate professional indemnity insurance coverage

Training Requirements: mandatory training and competency standards for insurance intermediaries and their representatives

Premium Handling Rules: Regulations governing the handling and processing of insurance premiums by intermediaries

Complaints Handling Procedures: Required procedures and systems for handling and resolving customer complaints

Marketing Restrictions: Rules governing marketing and advertising of insurance products and services

Cross-border Requirements: Regulations pertaining to cross-border insurance distribution activities and international operations

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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