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The Insurance Broker Contract is a fundamental document used in the Saudi Arabian insurance market to formalize the relationship between licensed insurance brokers and their clients. This contract type is essential for compliance with SAMA regulations and Saudi Arabian commercial law, particularly the Insurance Market Law (Royal Decree No. M/32) and related implementing regulations. It is typically employed when a client seeks professional assistance in arranging and managing their insurance portfolio, whether for commercial or personal risks. The document encompasses crucial elements including service scope, regulatory compliance requirements, compensation structures, and professional obligations, while ensuring alignment with both international insurance standards and local regulatory requirements. The contract serves as a vital tool for risk management and regulatory compliance, providing clear guidelines for both parties while protecting their respective interests in accordance with Saudi Arabian law.

1. Parties: Identification of the Insurance Broker and the Client, including their full legal names, registration numbers, and registered addresses

2. Background: Context of the agreement, including broker's licensing status and general purpose of the arrangement

3. Definitions: Key terms used throughout the agreement, including regulatory-specific terminology

4. Scope of Services: Detailed description of brokerage services to be provided, including types of insurance to be arranged

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

6. Client's Obligations: Client's responsibilities including information provision, premium payments, and cooperation requirements

7. Compensation: Fee structure, commission arrangements, and payment terms

8. Regulatory Compliance: Specific provisions ensuring compliance with SAMA regulations and other applicable laws

9. Confidentiality: Provisions for handling confidential information and data protection

10. Professional Indemnity: Details of professional indemnity insurance coverage maintained by the broker

11. Term and Termination: Duration of the agreement and circumstances under which it can be terminated

12. Liability and Indemnification: Limitations of liability and mutual indemnification provisions

13. Governing Law and Jurisdiction: Specification of Saudi Arabian law as governing law and jurisdiction for disputes

14. Notices: Process and requirements for formal communications between parties