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.
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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
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
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
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