The Terms of Business Agreement (Insurance) is a crucial document used to establish and regulate the business relationship between insurance providers and their intermediaries in Saudi Arabia. It is required whenever an insurance company engages with brokers, agents, or other intermediaries for the distribution of insurance products. The agreement must comply with the Law On Supervision of Cooperative Insurance Companies and related SAMA regulations, incorporating specific requirements for professional conduct, financial arrangements, and regulatory compliance. It typically includes detailed provisions for commission structures, service levels, compliance requirements, and operational procedures, while also addressing specific Saudi Arabian regulatory requirements such as anti-money laundering provisions and, where relevant, Shariah compliance standards.
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
Your data doesn't train Genie's AI
You keep IP ownership of your docs
1. Parties: Identification of the contracting parties - typically the insurance company and the intermediary/broker
2. Background: Context of the agreement and relationship between the parties
3. Definitions: Definitions of key terms used throughout the agreement
4. Scope of Authority: Details of the intermediary's authorized activities and limitations
5. Regulatory Compliance: Obligations regarding SAMA regulations and other applicable laws
6. Duties and Responsibilities: Key obligations of both parties including service standards
7. Commission and Payment Terms: Structure and timing of commission payments and other financial arrangements
8. Documentation and Records: Requirements for maintaining records and documentation
9. Confidentiality: Obligations regarding confidential information and data protection
10. Professional Indemnity: Requirements for professional indemnity insurance and liability provisions
11. Term and Termination: Duration of agreement and termination provisions
12. Dispute Resolution: Process for resolving disputes under Saudi Arabian law
13. General Provisions: Standard legal provisions including notices, amendments, and governing law
1. Shariah Compliance: Required for Islamic insurance (Takaful) arrangements
2. Digital Services: Include when the relationship involves digital platforms or online services
3. Group Structure: Required when dealing with insurance groups or multiple entities
4. Claims Handling: Include when the intermediary has claims handling authority
5. Risk Management: Required for relationships involving complex risk assessment responsibilities
6. Marketing and Branding: Include when the agreement covers marketing activities and brand usage
7. Training Requirements: Include when specific training obligations exist for the intermediary's staff
1. Schedule 1 - Products and Services: List of insurance products and services covered by the agreement
2. Schedule 2 - Commission Rates: Detailed commission structure and rates for different products
3. Schedule 3 - Service Levels: Specific service level requirements and performance metrics
4. Schedule 4 - Compliance Requirements: Detailed regulatory and compliance obligations
5. Schedule 5 - Operational Procedures: Detailed procedures for day-to-day operations
6. Appendix A - Required Forms: Standard forms and templates to be used
7. Appendix B - Contact Details: Key contact information for both parties
Find the exact document you need
Terms Of Business Agreement (Insurance)
A Saudi Arabian law-governed agreement establishing business terms between insurance companies and intermediaries, compliant with SAMA regulations.
Download
Terms And Conditions Of Agreement
Terms and Conditions of Agreement compliant with Saudi Arabian law and Sharia principles, establishing legal framework for business relationships and transactions.
Download
Term Service Contract
A Term Service Contract template compliant with Saudi Arabian law, structured for ongoing service relationships and commercial arrangements.
Download
Hosted Services Agreement
A Saudi Arabian law-governed agreement for hosted technology services provision, addressing service delivery, data protection, and compliance requirements.
Download
Terms And Conditions Invoice
Standard terms and conditions for invoicing under Saudi Arabian law, covering payment terms, VAT compliance, and commercial obligations.
Download
Terms And Conditions For Proposal
A comprehensive framework document outlining proposal submission requirements and evaluation criteria under Saudi Arabian law.
Download
Short Form Of Agreement
A concise agreement template compliant with Saudi Arabian law and Sharia principles, designed for straightforward commercial arrangements.
Download
General Terms Agreement
A master agreement establishing core business terms and conditions under Saudi Arabian law, incorporating both commercial regulations and Sharia principles.
Download
Cloud Service Agreement
A Saudi Arabian law-governed agreement establishing terms for cloud computing services provision, ensuring compliance with local data protection and cybersecurity regulations.
Download
Merchant Agreement
A Saudi Arabian law-governed agreement establishing commercial terms between merchants and business platforms/service providers.
Download
Month To Month Rental Form
A Saudi Arabian month-to-month rental agreement template compliant with local laws and Shariah principles, establishing terms between landlord and tenant.
Download
Terms And Conditions For Service Invoice
Standard terms and conditions for service invoicing in Saudi Arabia, ensuring compliance with local commercial law and ZATCA requirements.
Download
Terms Of Service Contract
A legal agreement outlining service terms and conditions under Saudi Arabian law, governing digital service provision and usage while ensuring compliance with local regulations and Shariah principles.
Download
ұԾ’s Security Promise
Genie is the safest place to draft. Here’s how we prioritise your privacy and security.
Your documents are private:
We do not train on your data; ұԾ’s AI improves independently
All data stored on Genie is private to your organisation
Your documents are protected:
Your documents are protected by ultra-secure 256-bit encryption
We are ISO27001 certified, so your data is secure
Organizational security:
You retain IP ownership of your documents and their information
You have full control over your data and who gets to see it
.png)