The Inter Company Agreement On General Insurance Business is essential for insurance companies operating in Singapore who wish to establish formal collaborative arrangements. This document is particularly relevant when companies need to define their relationship in conducting general insurance business, sharing risks, or managing joint operations. It addresses key requirements under Singapore's regulatory framework, including MAS guidelines and the Insurance Act, while covering crucial aspects such as underwriting protocols, claims management, financial arrangements, and compliance obligations. The agreement is designed to ensure clear operational parameters while maintaining regulatory compliance in the Singapore insurance market.
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Key Requirements PROMPT example:
Inter Company Agreement On General Insurance Business
"I need an Inter Company Agreement On General Insurance Business between our Singapore-based property insurance company and our Malaysian subsidiary, focusing on cross-border motor insurance policies and establishing a 70-30 risk-sharing arrangement, to be effective from March 2025."
1. Parties: Identification and details of the insurance companies entering into the agreement
2. Background: Context and purpose of the agreement, including business relationship overview
3. Definitions: Key terms and their meanings as used in the agreement
4. Scope of Business: Details of insurance business covered under the agreement
5. Underwriting Guidelines: Agreed protocols for risk assessment and policy issuance
6. Claims Handling: Procedures for processing and settling insurance claims
7. Financial Arrangements: Premium handling, commission structures, and payment terms
8. Compliance Requirements: Regulatory obligations and compliance procedures
9. Term and Termination: Duration of agreement and termination provisions
1. Data Protection: Specific provisions for handling personal data, used when agreement involves significant data sharing
2. Reinsurance Arrangements: Details of reinsurance coverage, included when applicable
3. Service Level Agreements: Specific performance metrics, included when operational standards need to be defined
4. IT Systems Integration: Technical requirements for system connectivity, included when relevant
1. Schedule 1: Classes of Insurance: Detailed list of insurance products covered
2. Schedule 2: Commission Structure: Detailed breakdown of commission rates and calculations
3. Schedule 3: Claims Procedures: Detailed operational procedures for claims handling
4. Appendix A: Reporting Templates: Standard forms for regular reporting requirements
5. Appendix B: Contact Details: Key personnel and escalation protocols
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