The Insurance Producer Agreement serves as the foundational document governing the business relationship between insurance carriers and their distribution partners. This agreement is essential when an insurance company wants to authorize an individual or agency to sell their insurance products. It includes crucial elements such as commission structures, compliance requirements, territory restrictions, and product authorizations. The agreement must adhere to both federal regulations and state-specific insurance laws, making it particularly important to customize based on the jurisdictions where the producer operates.
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1. Parties: Identification of the insurance company and producer
2. Background: Context of the agreement and relationship between parties
3. Definitions: Key terms used throughout the agreement
4. Appointment and Authority: Scope of producer's authority to sell insurance products
5. Compensation: Commission structure and payment terms
6. Compliance Requirements: Regulatory and legal obligations including state licensing requirements, privacy laws, and anti-money laundering provisions
7. Term and Termination: Duration and conditions for ending the agreement
8. Confidentiality: Protection of confidential information and trade secrets
9. Representations and Warranties: Statements of fact and guarantees by both parties
10. Indemnification: Provisions for protecting parties against losses or damages
11. General Provisions: Miscellaneous legal terms including governing law, notices, and amendments
1. Training Requirements: Specific training obligations and continuing education requirements
2. Territory Restrictions: Geographic limitations on producer's authority and jurisdiction-specific requirements
3. E&O Insurance Requirements: Professional liability insurance requirements and coverage specifications
4. Marketing and Advertising: Rules and restrictions regarding promotional activities and use of company branding
5. Non-Compete Provisions: Restrictions on competitive activities during and after the agreement term
1. Schedule A - Commission Schedule: Detailed breakdown of commission rates by product type and category
2. Schedule B - Product Schedule: List of authorized insurance products and their specifications
3. Schedule C - Compliance Manual: Detailed compliance procedures and requirements
4. Schedule D - State-Specific Addenda: Additional terms and conditions required by specific states
5. Schedule E - Required Forms and Documentation: List of mandatory forms, licenses, and documentation requirements
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