The Terms Of Business Agreement Insurance Broker is a foundational document required for insurance broking operations in South Africa. It serves as the primary agreement governing the relationship between insurance brokers and their clients, whether individuals or corporations. This document is essential for compliance with the Financial Advisory and Intermediary Services (FAIS) Act, the Insurance Act, and other relevant South African legislation. It should be used when establishing new broker-client relationships or updating existing arrangements to ensure regulatory compliance. The agreement covers crucial aspects including service scope, remuneration structures, regulatory disclosures, risk management procedures, and data protection requirements. It is designed to protect both parties' interests while ensuring transparency and regulatory compliance in the South African insurance market.
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1. Parties: Identification of the Insurance Broker and the Client, including full legal names and registration details
2. Background: Context of the agreement, broker's licensing status, and general purpose of the arrangement
3. Definitions and Interpretation: Definitions of key terms used in the agreement and rules of interpretation
4. Scope of Services: Detailed description of insurance broking services to be provided, including risk assessment, policy placement, and claims assistance
5. Broker's Obligations: Key responsibilities and duties of the broker, including FAIS Act compliance requirements
6. Client's Obligations: Client's responsibilities including information disclosure and premium payment obligations
7. Remuneration: Fee structure, commission arrangements, and payment terms
8. Risk Disclosure: Mandatory disclosures required by FAIS Act and insurance regulations
9. Confidentiality and Data Protection: POPIA compliance and confidentiality obligations
10. Duration and Termination: Term of agreement, renewal provisions, and termination conditions
11. Liability and Indemnity: Limitation of liability and indemnification provisions
12. Compliance with Laws: General compliance obligations including FICA and other regulatory requirements
13. General Provisions: Standard boilerplate clauses including notices, entire agreement, and governing law
1. Premium Handling: Required if the broker handles client premiums directly, detailing trust account arrangements and premium payment procedures
2. Commercial Client Provisions: Additional terms specific to commercial clients, including more complex risk management services
3. International Services: Required for brokers dealing with international insurance placements or cross-border services
4. Electronic Communications: Specific provisions for digital communication and online services if offered
5. Sub-Broking Arrangements: Required when working with other brokers or intermediaries
6. Group Scheme Arrangements: Specific provisions for managing group insurance schemes
7. Risk Management Services: Additional risk management and consulting services if offered beyond basic broking
1. Schedule A - Fee Structure: Detailed breakdown of fees, commissions, and other charges
2. Schedule B - Service Level Agreement: Specific service standards and response times
3. Schedule C - Claims Procedures: Detailed procedures for claims handling and assistance
4. Schedule D - Information Requirements: List of required client information and documentation
5. Appendix 1 - Broker Mandate: Specific authority granted to the broker by the client
6. Appendix 2 - Regulatory Disclosures: Mandatory FAIS Act and other regulatory disclosures
7. Appendix 3 - Privacy Notice: Detailed POPIA compliance and data protection procedures
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