Loss Portfolio Transfer Agreements are utilized when insurers seek to transfer their insurance risk exposure and associated liabilities to another insurer. Under Singapore law, these agreements must comply with MAS regulations and the Insurance Act. The document typically includes comprehensive details about the transferred portfolio, valuation methodologies, consideration, claims handling procedures, and regulatory requirements. A Loss Portfolio Transfer Agreement is particularly relevant in situations of business restructuring, risk management optimization, or strategic portfolio management.
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1. Parties: Identification of the transferring and accepting parties
2. Background: Context of the transfer and business relationship
3. Definitions: Key terms used throughout the agreement
4. Portfolio Transfer: Details of the insurance portfolio being transferred
5. Consideration: Financial terms and payment details
6. Effective Date: When the transfer takes effect
7. Representations and Warranties: Statements of fact by both parties
8. Governing Law and Jurisdiction: Applicable law and dispute resolution
1. Transition Services: Provisions for any services to be provided during the transition period after the transfer
2. Data Protection: Provisions for handling personal data and ensuring compliance with data protection laws
3. Regulatory Approval: Specific provisions relating to obtaining necessary regulatory approvals from MAS
1. Schedule 1 - Portfolio Description: Detailed description of the insurance policies being transferred
2. Schedule 2 - Valuation Methodology: Methodology for calculating the value of the transferred portfolio
3. Schedule 3 - Claims Handling Procedures: Procedures for handling existing and future claims
4. Schedule 4 - Transfer Timeline: Detailed timeline for the transfer process and key milestones
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