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The Insurance Agent Agreement is a critical document used to formalize the relationship between insurance companies and their distribution partners in Saudi Arabia. It serves as the primary contract governing the appointment and operations of insurance agents, ensuring compliance with Saudi Central Bank (SAMA) regulations and the Law On Supervision of Cooperative Insurance Companies. This agreement is essential when an insurance company wishes to expand its distribution network through authorized agents, covering crucial aspects such as product authorization, commission structures, compliance requirements, and operational procedures. The document must align with Saudi Arabia's specific regulatory framework for insurance intermediaries, including requirements for licensing, training, and ongoing compliance monitoring.

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

2. Background: Context of the agreement, including Agent's qualifications and SAMA license details

3. Definitions: Key terms used throughout the agreement, including regulatory-specific terminology

4. Appointment and Scope: Formal appointment of the Agent and detailed scope of authorized activities

5. Agent's Rights and Obligations: Comprehensive list of Agent's responsibilities, including regulatory compliance requirements

6. Insurance Company's Rights and Obligations: Company's commitments, support provisions, and regulatory obligations

7. Licensing and Compliance: Requirements for maintaining necessary licenses and compliance with SAMA regulations

8. Commission Structure: Detailed commission calculations, payment terms, and conditions

9. Training and Support: Company's obligations for training and supporting the Agent

10. Confidentiality: Protection of confidential information and trade secrets

11. Data Protection: Handling of customer data and compliance with data protection regulations

12. Non-Competition and Non-Solicitation: Restrictions on competitive activities during and after the agreement

13. Term and Termination: Duration of agreement and circumstances for termination

14. Post-Termination Obligations: Obligations and procedures following termination

15. Indemnification: Mutual indemnification provisions and liability limitations

16. Governing Law and Dispute Resolution: Saudi law application and dispute resolution procedures

17. General Provisions: Standard boilerplate clauses including notices, amendments, and assignment