The Insurance Introducer Agreement is essential for insurance companies operating in Saudi Arabia who wish to expand their distribution channels through third-party introducers. This document is specifically designed to comply with Saudi Arabian regulations, particularly SAMA requirements and Sharia principles, making it suitable for use in the Saudi insurance market. The agreement covers crucial aspects such as introducer appointment, service scope, compensation structure, regulatory compliance, and operational procedures. It is particularly important in the context of Islamic insurance (Takaful) operations, where both conventional insurance regulations and Sharia compliance must be maintained. The document should be used when establishing new introduction relationships or formalizing existing arrangements, ensuring all parties understand their obligations under Saudi law and regulatory requirements.
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Key Requirements PROMPT example:
Insurance Introducer Agreement
"I need an Insurance Introducer Agreement for my Riyadh-based insurance company to appoint a corporate services firm as an introducer for our general insurance products, with a planned start date of March 1, 2025, and including standard SAMA compliance provisions."
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1. Parties: Identification of the Insurance Company and the Introducer, including their full legal names, registration numbers, and registered addresses
2. Background: Context of the agreement, including the Insurance Company's authorization status and the Introducer's business overview
3. Definitions: Key terms used throughout the agreement, including regulatory-specific terminology and Sharia-compliant concepts
4. Appointment and Scope: Terms of the Introducer's appointment, scope of services, and territorial limitations
5. Regulatory Compliance: Obligations to comply with SAMA regulations, AML requirements, and Sharia principles
6. Introducer's Obligations: Detailed responsibilities including client introduction procedures, document collection, and compliance with insurance regulations
7. Insurance Company's Obligations: Company's responsibilities regarding processing introductions, providing necessary information, and support
8. Compensation: Fee structure, payment terms, and calculation methods for introduction fees in compliance with Sharia principles
9. Representations and Warranties: Statements regarding licensing, capacity, and compliance status of both parties
10. Confidentiality: Obligations regarding protection of confidential information and client data
11. Data Protection: Requirements for handling personal data in compliance with Saudi regulations
12. Term and Termination: Duration of the agreement and circumstances under which it can be terminated
13. Post-Termination Obligations: Duties and responsibilities that survive termination of the agreement
14. Governing Law and Jurisdiction: Specification of Saudi law as governing law and jurisdiction for disputes
1. Training and Support: Details of training provided by the Insurance Company to the Introducer's staff, used when ongoing training is part of the arrangement
2. Marketing and Branding: Guidelines for use of the Insurance Company's brand and marketing materials, included when the Introducer will engage in marketing activities
3. Performance Targets: Specific introduction targets and performance metrics, used in arrangements with volume expectations
4. Audit Rights: Right to audit the Introducer's operations, included for larger or more complex arrangements
5. Anti-Bribery and Corruption: Specific anti-bribery provisions, included for international arrangements or when dealing with government entities
6. Force Majeure: Provisions for unforeseen circumstances, included based on risk assessment
7. Assignment and Subcontracting: Rights to assign or subcontract obligations, included when relevant to the business model
1. Schedule 1 - Services Description: Detailed description of introduction services and procedures
2. Schedule 2 - Compensation Structure: Detailed fee calculations, payment terms, and examples
3. Schedule 3 - Compliance Requirements: Specific SAMA and AML compliance requirements and procedures
4. Schedule 4 - Required Documentation: List of documents required for client introductions
5. Schedule 5 - Contact Details: Key contact persons and escalation matrix
6. Appendix A - Introduction Forms: Standard forms and templates for client introductions
7. Appendix B - Reporting Templates: Templates for regular reporting and monitoring
8. Appendix C - Sharia Guidelines: Specific Sharia compliance requirements and prohibited practices
Authors
Relevant legal definitions
Clauses
Relevant Industries
Insurance
Financial Services
Islamic Finance
Banking
Professional Services
Corporate Services
Business Consulting
Financial Advisory
Wealth Management
Risk Management
Relevant Teams
Legal
Compliance
Business Development
Distribution
Operations
Risk Management
Sales
Partnerships
Regulatory Affairs
Sharia Advisory
Product Development
Customer Relations
Relevant Roles
Chief Executive Officer
Head of Distribution
Compliance Officer
Legal Counsel
Business Development Manager
Insurance Operations Manager
Sharia Compliance Officer
Risk Manager
Sales Director
Partnership Manager
Channel Development Manager
Regulatory Affairs Manager
Chief Operating Officer
Distribution Network Manager
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