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Terms Of Business Agreement (Insurance) Template for New Zealand

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Key Requirements PROMPT example:

Terms Of Business Agreement (Insurance)

"I need a Terms of Business Agreement (Insurance) for a New Zealand insurance broker relationship where we'll be delegating binding authority for commercial property policies up to NZD 5 million, including electronic trading integration, with the agreement to commence from March 1, 2025."

Document background
The Terms of Business Agreement (Insurance) serves as the foundational document governing the commercial relationship between insurers and insurance intermediaries in New Zealand. This agreement is essential for compliance with New Zealand's regulatory framework, including requirements under the Insurance (Prudential Supervision) Act 2010 and Financial Markets Conduct Act 2013. It is typically used when establishing or formalizing business arrangements between insurance providers and their distribution partners, setting out key terms including scope of authority, commission structures, compliance obligations, and operational procedures. The agreement ensures clarity in roles and responsibilities while maintaining regulatory compliance and professional standards in the conduct of insurance business.
Suggested Sections

1. Parties: Identification of the contracting parties - typically the insurer and the broker/intermediary

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

3. Definitions: Definitions of key terms used throughout the agreement

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

5. Regulatory Compliance: Obligations regarding regulatory compliance, licenses, and registrations

6. Broker's Duties and Responsibilities: Detailed obligations of the broker including client service, disclosure, and documentation requirements

7. Insurer's Duties and Responsibilities: Obligations of the insurer including support, documentation, and service standards

8. Commission and Remuneration: Terms relating to broker compensation, commission structures, and payment terms

9. Claims Handling: Procedures and responsibilities for handling insurance claims

10. Professional Indemnity: Requirements for professional indemnity insurance coverage

11. Confidentiality and Data Protection: Obligations regarding confidential information and compliance with privacy laws

12. Term and Termination: Duration of the agreement and circumstances for termination

13. General Provisions: Standard legal provisions including governing law, notices, and dispute resolution

Optional Sections

1. Delegated Authority: Used when the broker is granted authority to bind insurance on behalf of the insurer

2. Special Facilities: Included when specific insurance facilities or schemes are agreed

3. Electronic Trading: Required when parties agree to use specific electronic trading platforms or systems

4. Risk Transfer: Included when specific risk transfer arrangements are agreed between parties

5. Sub-Broking: Used when arrangements with sub-brokers are permitted

6. White Labelling: Required when white labelling of insurance products is permitted

7. Premium Handling: Detailed premium handling procedures when non-standard arrangements apply

Suggested Schedules

1. Schedule 1 - Commission Rates: Detailed breakdown of commission rates by product line

2. Schedule 2 - Products and Services: List of insurance products and services covered by the agreement

3. Schedule 3 - Service Level Agreement: Detailed service standards and performance metrics

4. Schedule 4 - Authorized Personnel: List of authorized representatives and their authorities

5. Schedule 5 - Systems and Procedures: Technical specifications for systems integration and operational procedures

6. Appendix A - Required Information: Templates and formats for required documentation and reporting

7. Appendix B - Compliance Checklist: Regulatory compliance requirements and verification checklist

Authors

Alex Denne

Head of Growth (Open Source Law) @ ºÚÁÏÊÓÆµ | 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

Risk Management

Insurance Broking

Reinsurance

Professional Services

Financial Technology

Insurance Technology

Relevant Teams

Legal

Compliance

Distribution

Operations

Risk Management

Business Development

Broker Relations

Commercial

Insurance Operations

Partnerships

Product Development

Relevant Roles

Chief Executive Officer

Chief Operating Officer

Head of Distribution

Compliance Manager

Legal Counsel

Insurance Manager

Broker Relationship Manager

Risk Manager

Operations Manager

Business Development Manager

Commercial Director

Head of Compliance

Insurance Broker

Managing Director

Partnership Manager

Chief Risk Officer

Head of Legal

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,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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