Agency Agreement (Page 3 of 7) in pdf

Agency Agreement Page 3

6. Duties of the company

In its dealings with the agent, the company shall act dutifully and in good faith

and in particular shall:

a) Inform the agent and the prospect within a reasonable time of its

acceptance or refusal of any transaction;

b) To give a renewal notice to the client and the existing agent and only

renew on the instruction of the client;

c) To perform their obligations as provided in the Guidelines on registration

of Agents issued by the Authority; and

d) Where the business was introduced by the Agent, the Insurer shall not

renew the business without notifying the existing Agent.

e) Where the agent ceases to represent the company the business

introduced by the Agent shall be treated as direct business and no

further commission shall be paid to any other person.

7. Commission

7.1.

In consideration of the obligations undertaken or agreed to be

undertaken by the agent under this agreement, the company shall,

during the term of this agreement, pay the agent commission as

agreed with the insurer.

7.2.

In case of termination of this agreement the Agent shall be entitled to;

(a) in case of death, the commission due to the agent for the next six

month from the time of death; or

(b) in any other case the commission earned at the time of

termination; and

8. Termination

8.1.

This agreement shall come into force on the date hereof and subject to

the rights of termination set out in this agreement, shall continue in

force for a period of one year and thereafter unless or until terminated

by either party giving the other not less that sixty days’ notice; such

notice must be given in writing by post, e-mail or fax addressed to the

either party.

8.2.

Either party shall be entitled to terminate the agreement forthwith

upon written notice if the other party commits any breach of this

agreement, if either party makes any voluntary arrangement with its

creditors or goes into liquidation or bankruptcy or ceases to carry on

business.

Agency Agreement Page 3