The Insurance Settlement Agreement is a crucial document used in Hong Kong to formally conclude insurance claims and disputes. It serves as the definitive record of the settlement terms between insurers and claimants, incorporating all necessary elements required under Hong Kong insurance regulations and contract law. This document is typically used when parties have reached an agreement on claim resolution and need to document the terms, including settlement amount, release provisions, and any ongoing obligations. The agreement must comply with the Hong Kong Insurance Ordinance (Cap. 41) and related regulations, while also addressing practical considerations such as payment mechanisms, tax implications, and confidentiality requirements. It's particularly important in complex claims involving multiple parties or significant settlement amounts, where clear documentation of the settlement terms is essential for risk management and regulatory compliance.
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1. Parties: Identifies all parties to the agreement, including insurer, insured, and any other relevant parties
2. Background: Recitals explaining the insurance policy, the claim, and the context leading to settlement
3. Definitions: Defines key terms used throughout the agreement
4. Settlement Amount: Specifies the agreed settlement sum and payment terms
5. Release and Discharge: Details the scope of claims being released and discharged
6. Confidentiality: Obligations regarding confidentiality of the settlement terms
7. Non-Admission of Liability: Statement that settlement does not constitute admission of liability
8. Tax and Costs: Responsibility for taxes and legal costs
9. Entire Agreement: Confirmation that this document represents the complete agreement
10. Governing Law and Jurisdiction: Specifies Hong Kong law and jurisdiction
11. Execution: Signature blocks and execution requirements
1. Installment Payment Terms: Used when settlement is to be paid in installments rather than lump sum
2. Multiple Claimant Provisions: Required when settlement involves multiple claimants or beneficiaries
3. Future Medical Expenses: Used in personal injury cases where future medical costs are part of settlement
4. Ongoing Obligations: Required when either party has continuing obligations post-settlement
5. Indemnification: Used when one party needs to indemnify the other against future claims
6. Regulatory Reporting: Required when settlement needs to be reported to regulatory authorities
7. Assignment: Used when rights under the settlement may need to be assigned
8. Dispute Resolution: Detailed ADR provisions if not using standard jurisdiction clause
1. Schedule 1 - Original Insurance Policy: Copy or details of the original insurance policy
2. Schedule 2 - Claim Details: Summary of the claim and relevant documentation
3. Schedule 3 - Payment Schedule: Detailed payment terms if installment payments apply
4. Schedule 4 - Release Documentation: Forms and documents required for release of claims
5. Schedule 5 - Authorized Signatories: List of authorized signatories for corporate entities
6. Appendix A - Supporting Documents: Key documents supporting the claim and settlement
7. Appendix B - Calculation of Settlement Amount: Detailed breakdown of how settlement amount was calculated
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