The Distribution Agreement in Bancassurance is essential for financial institutions operating in Indonesia's growing bancassurance market. This agreement is used when a bank and insurance company wish to establish a formal partnership for distributing insurance products through the bank's distribution channels. The document must align with Indonesia's regulatory framework, particularly OJK regulations governing both banking and insurance sectors. It typically includes detailed provisions on product distribution, commission structures, compliance requirements, customer protection, data privacy, and operational procedures. The agreement is crucial for institutions seeking to expand their financial product offerings while ensuring regulatory compliance in the Indonesian market. Key considerations include consumer protection requirements, anti-money laundering provisions, and specific OJK reporting obligations.
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1. Parties: Identification of the insurance company and banking partner, including registration and licensing details as required by OJK
2. Background: Context of the agreement, regulatory framework, and general intent of the parties to enter into a bancassurance arrangement
3. Definitions: Detailed definitions of terms used throughout the agreement, including regulatory terminology from OJK regulations
4. Appointment and Scope: Terms of appointment of the bank as distributor and scope of distribution activities permitted
5. Regulatory Compliance: Obligations to comply with OJK regulations and other applicable laws
6. Rights and Obligations: Detailed responsibilities of both parties including training, marketing, and customer service requirements
7. Commission Structure: Framework for commission payments, calculations, and payment terms
8. Marketing and Branding: Guidelines for marketing activities and use of brands/trademarks
9. Customer Data Protection: Provisions for handling customer data in compliance with privacy laws
10. Reporting Requirements: Periodic reporting obligations to both parties and regulators
11. Term and Termination: Duration of agreement and circumstances for termination
12. Confidentiality: Protection of confidential information and trade secrets
13. Dispute Resolution: Procedures for resolving disputes between parties
14. General Provisions: Standard boilerplate clauses including notices, amendments, and governing law
1. Exclusivity: Used when parties agree to exclusive distribution arrangements for specific products or territories
2. Performance Targets: Include when specific sales targets or performance metrics are part of the agreement
3. Digital Distribution: Required when distribution includes digital channels or online platforms
4. Training and Certification: Detailed section when specific training requirements exceed standard regulatory requirements
5. Audit Rights: Enhanced audit provisions beyond standard regulatory requirements
6. Business Continuity: Detailed continuity plans when required by specific business needs
7. Anti-Money Laundering: Enhanced AML provisions when dealing with specific high-risk products or markets
1. Schedule 1 - Products: List and details of insurance products approved for distribution
2. Schedule 2 - Commission Rates: Detailed commission structures and calculations for each product
3. Schedule 3 - Service Levels: Service level agreements and performance metrics
4. Schedule 4 - Operating Procedures: Detailed procedures for sales, customer service, and claims handling
5. Schedule 5 - Marketing Guidelines: Specific guidelines for marketing materials and approval processes
6. Schedule 6 - Reporting Templates: Templates for required periodic reports
7. Schedule 7 - Contact Details: Key contact persons and escalation matrix
8. Appendix A - Technical Requirements: IT systems and technical integration specifications
9. Appendix B - Compliance Checklist: Regulatory compliance requirements and checklist
10. Appendix C - Training Manual: Training requirements and procedures for bank staff
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