Insurance Agency Agreement

However, in the event of termination of this Agreement, the use and control of the agent`s operation, including all rights, titles and interests of the agent, including the rights, securities and interests of the agent, are transferred from the date of termination to the company for which he is liable under this Agreement, and the use and control of the agent`s conduct , including all rights, titles and interest on and on the agent`s records. B. The name of the Agency should not be more important than the largest of them used in communication. The written recovery plan would not be included in the agency agreement, as it would vary depending on the circumstances. However, all redress agreements should contain the following: the Committee recommends that the agreements contain a specific language with respect to the service information to which the agent is entitled, both permanently and after their termination. In addition, the agreement should clearly address the issue of agent ownership in expiry operations before, during and after the use of a service centre. In several recent agreements, the Committee has seen an erosion of the agent`s exclusive ownership over its expiry periods by the requirement of common ownership of expiry periods by the agent and the company. In addition, some contracts provide that, in certain circumstances, the representative may lose its expiry after the end of the agency contract. Other companies need a security interest for expiry periods. We do not believe that the agent`s property should be taxed in any way, especially since the value of the economy book is seriously affected by ownership restrictions. Whether an agent has to use or choose a service centre, he should review the agreement regarding ownership of expiry periods, restrictions on cross-selling and extension of the landlocked business, as well as termination clauses. As explained above, the agent`s property must be clearly identified at the expiry times.

In addition, the company`s contacts with policyholders should be limited, particularly in the areas of cross-selling and extensions, unless the representative has expressly agreed. These types of services should be referred to the officer. The termination provisions should clearly state both the obligations of the representative and the company after termination, including the information an agent receives about the maintenance provided by the company. We recommend including a provision that if the insurer is unable to issue a policy on time due to a delay on the part of the insured or the Agency, the company issues an estimated premium binder charged, which is added to the broker`s account, as if the policy had been received. If the delay was caused by the company, the estimated premium binder would not be issued, and the payment would be fed through the officer`s account when the policy was established. The Committee has long supported fixed-term contracts, with rollover rules that cannot be terminated by the company. B, except for reasons (for example, loss of license).