Independent Producer Agreement

Summary

This Independent Producer Agreement template can be used by an insurer and an independent insurance producer or other licensed insurance distributor. This template includes practical guidance and drafting notes. There exist several types of independent insurance distributors, the names and characteristics of which are explained in the included drafting notes. Each have distinct functions, powers and authority. If the user of this template wishes to limit or broaden the scope of authority granted to the producer, it may do so by altering this template or by an addendum to it. Note, however, that the insurance regulatory authority of the jurisdiction in which the producer or insurer conducts business may attribute specific powers and authority based on the title of the independent producer and may require specific licensure or continuing education requirements depending on the nomenclature used. Furthermore, this template is intended for use with independent and not captive agents. A captive agent is one bound by contract to represent the interests of a single, not multiple, insurers. This Agreement may be used, with modification as business needs require, by either the insurer or the producer and is meant to be suggestive of terms to be included. For a full listing of content covering the insurance regulatory landscape, see Insurance Regulatory Compliance Resource Kit. For more information on insurance brokers and agents, see Agent and Broker Selection and Management; Excess and Surplus Lines Brokers: Special Considerations; Agent and Broker Administrative Actions and Sanctions: Reporting Requirements; Market Conduct: Controlling and Minimizing Agent and Broker Risk; Managing General Agency (MGA) Agreement; Managing General Agent or Program Administrator Selection Due Diligence Checklist; Managing General Agent or Program Administrator Selection Due Diligence Checklist; Broker Compliance and Broker Business Acquisition Due Diligence ChecklistBroker Compliance and Broker Business Acquisition Due Diligence Checklist; Agent and Broker Annual Compliance Checklist.