A Co-Broker Agreement (Insurance) is essential when two licensed insurance brokers in India wish to collaborate on insurance placement and client service. This document is typically used when brokers want to leverage each other's expertise, market relationships, or geographical presence while maintaining compliance with IRDAI regulations. The agreement addresses crucial aspects such as commission sharing, client ownership, confidentiality, and regulatory compliance requirements under Indian insurance laws. It's particularly relevant when brokers need to collaborate on large or complex risks, or when combining specialized expertise is beneficial for client service. The document ensures clear delineation of responsibilities while maintaining compliance with Indian insurance regulations and professional standards.
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1. Parties: Identification of the co-broking parties with their respective licensing and registration details
2. Background: Context of the agreement and brief description of the parties' business activities
3. Definitions: Definitions of key terms used throughout the agreement
4. Scope of Agreement: Details of the co-broking arrangement and covered insurance classes
5. Roles and Responsibilities: Specific duties and obligations of each broker in the arrangement
6. Licensing and Compliance: Confirmation of regulatory compliance and maintenance of required licenses
7. Commission Sharing: Structure and terms of commission sharing between the co-brokers
8. Client Ownership: Terms regarding client relationships and data ownership
9. Confidentiality: Obligations regarding confidential information handling
10. Term and Termination: Duration of agreement and conditions for termination
11. Indemnification: Mutual indemnification obligations and liability limitations
12. Dispute Resolution: Process for resolving disputes between parties
13. Governing Law: Specification of Indian law as governing law and jurisdiction
14. General Provisions: Standard boilerplate clauses including notices, amendments, and severability
1. Digital Services: Terms for digital platform sharing or online collaboration, used when parties operate digital insurance platforms
2. International Business: Additional terms for international insurance placement, included when dealing with cross-border business
3. Training and Support: Terms regarding mutual training and support obligations, included when parties agree to knowledge sharing
4. Marketing and Branding: Guidelines for co-branded marketing activities, used when parties plan joint marketing initiatives
5. Claims Handling: Specific procedures for claims handling cooperation, included when parties share claims responsibilities
6. Sub-broking Arrangements: Terms for engaging sub-brokers, included when sub-broking is contemplated
1. Schedule A - Commission Split Details: Detailed breakdown of commission sharing percentages by insurance class
2. Schedule B - Territory and Product Matrix: List of covered territories and insurance products under the agreement
3. Schedule C - Service Level Agreement: Specific service standards and response times for various activities
4. Schedule D - Compliance Checklist: List of regulatory requirements and compliance obligations
5. Schedule E - Contact Details: Key personnel and escalation matrix for both parties
6. Appendix 1 - Required Licenses: Copies of current broker licenses and registrations
7. Appendix 2 - Standard Operating Procedures: Detailed procedures for day-to-day operations and collaboration
8. Appendix 3 - Data Protection Protocol: Specific procedures for handling client data and maintaining confidentiality
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