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The Insurance Agency Agreement (Insurance) is a crucial document used in the Saudi Arabian insurance market to formalize the relationship between insurance companies and their agents. This agreement is essential when an insurance company wishes to expand its distribution network through appointed agents who will sell and promote their insurance products. The document must comply with the strict regulatory requirements set by the Saudi Central Bank (SAMA), including adherence to Sharia principles and the Cooperative Insurance Companies Control Law. It contains detailed provisions on agent authorization, territorial scope, product coverage, commission structures, compliance requirements, and operational procedures. The agreement is particularly important given Saudi Arabia's growing insurance market and the need for clear, compliant distribution channels that meet both regulatory and commercial objectives.

1. Parties: Identification of the Insurance Company and the Agent, including their full legal names, registration details, and addresses

2. Background: Context of the agreement, including the Insurance Company's authority to operate in Saudi Arabia and the Agent's qualifications

3. Definitions: Definitions of key terms used throughout the agreement, including technical insurance terms and regulatory references

4. Appointment and Scope: Terms of the agent's appointment, territorial scope, and types of insurance products covered

5. Regulatory Compliance: Obligations to comply with SAMA regulations, Anti-Money Laundering requirements, and Sharia principles

6. Agent's Duties and Responsibilities: Detailed obligations including customer service, documentation, reporting, and professional conduct

7. Company's Duties and Responsibilities: Insurance company's obligations including training, support, and information provision

8. Commission Structure: Details of commission rates, calculation methods, and payment terms

9. Reporting Requirements: Regular reporting obligations, documentation requirements, and record-keeping standards

10. Confidentiality: Protection of confidential information and trade secrets

11. Non-Competition: Restrictions on representing competing insurers and post-termination obligations

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

13. Post-Termination Obligations: Obligations and procedures following termination including handover of documents and customer information

14. Governing Law and Dispute Resolution: Application of Saudi law and dispute resolution mechanisms compliant with local regulations