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The Insurance Agent Commission Split Agreement is essential for clearly defining the financial relationship between insurance agents and their agencies in Singapore. This document becomes necessary when agents operate under an agency's license and need to formalize their commission-sharing arrangement. It addresses key aspects such as commission percentages, payment schedules, performance requirements, and compliance with Singapore's insurance regulations. The agreement ensures transparency and helps prevent disputes while maintaining compliance with MAS guidelines and the Insurance Act.

1. Parties: Identification of the contracting parties - the primary agent/agency and the sub-agent

2. Background: Context of the agreement including the parties' licenses, qualifications and intention to enter into a commission-sharing arrangement

3. Definitions: Key terms including 'Commission', 'Insurance Products', 'Regulatory Requirements', 'Territory' and other relevant definitions

4. Commission Structure: Detailed breakdown of commission splits and calculation methods for different insurance products

5. Payment Terms: Timeline, method, and conditions for commission payments including clawback provisions

6. Obligations and Responsibilities: Duties of each party including regulatory compliance, reporting, and service standards

7. Term and Termination: Duration of agreement, renewal terms, and grounds for termination

8. Compliance Requirements: Specific obligations under Singapore insurance laws and MAS regulations

9. Confidentiality: Protection of confidential information and customer data under PDPA

10. Dispute Resolution: Process for resolving disputes including jurisdiction and governing law