The Insurance Referral Agreement is essential for insurance companies operating in Hong Kong who wish to expand their distribution channels through formal referral partnerships. This document is used when an insurance company wants to establish a compliant referral relationship with a business partner who can introduce potential customers but cannot sell or advise on insurance products. The agreement ensures compliance with Hong Kong Insurance Authority requirements, particularly regarding the distinction between regulated insurance intermediary activities and permitted referral activities. It includes crucial details about referral processes, compensation, data protection, and regulatory compliance, while protecting both parties' interests and ensuring clear operational guidelines. The document is particularly important in the Hong Kong market where insurance distribution through referral partners is common but must be carefully structured to comply with regulatory requirements.
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1. Parties: Identifies the insurance company and the referrer, including their registered details and regulatory status
2. Background: Sets out the context of the agreement, including the referrer's business and the insurer's authority to provide insurance products
3. Definitions: Defines key terms used throughout the agreement, including 'Referral', 'Products', 'Regulatory Requirements', etc.
4. Appointment and Scope: Defines the appointment of the referrer and scope of referral services
5. Regulatory Compliance: Outlines compliance requirements with Insurance Authority regulations and other applicable laws
6. Referrer's Obligations: Details the responsibilities and limitations of the referrer's activities
7. Insurer's Obligations: Specifies the insurer's responsibilities in handling referrals and supporting the referrer
8. Compensation: Details the referral fee structure and payment terms
9. Data Protection and Confidentiality: Addresses handling of customer data and confidential information
10. Term and Termination: Specifies duration of agreement and termination provisions
11. General Provisions: Standard clauses including notices, amendments, governing law, etc.
1. Training and Support: Required when the insurer provides specific training or materials to the referrer
2. Marketing and Branding: Included when the referrer is permitted to use the insurer's brand or marketing materials
3. Multiple Product Lines: Used when the referral arrangement covers different types of insurance products
4. Territory Restrictions: Needed when referral activities are limited to specific geographic areas
5. Performance Targets: Included when the agreement includes specific referral volume targets or performance metrics
6. Digital Referral Process: Required when referrals are made through digital platforms or apps
1. Schedule 1 - Products: List of insurance products covered by the referral arrangement
2. Schedule 2 - Compensation Structure: Detailed breakdown of referral fees and commission structures
3. Schedule 3 - Referral Process: Step-by-step operational procedures for making and processing referrals
4. Schedule 4 - Compliance Requirements: Detailed regulatory requirements and compliance procedures
5. Schedule 5 - Data Protection Requirements: Specific procedures for handling customer data and maintaining confidentiality
6. Appendix A - Standard Forms: Templates for referral forms and customer authorizations
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