Terms of Business Agreement (TOBA)—insurer and managing agent/broker
Produced in partnership with Davinia Collins of Womble Bond Dickinson (UK) LLP
Terms of Business Agreement (TOBA)—insurer and managing agent/broker

The following Insurance & Reinsurance precedent Produced in partnership with Davinia Collins of Womble Bond Dickinson (UK) LLP provides comprehensive and up to date legal information covering:

  • Terms of Business Agreement (TOBA)—insurer and managing agent/broker

An Agreement dated [date] governing the conduct of Insurance Business between:

  1. 1

    [Full name of insurance company][(insert company acronym)] incorporated and registered in [country] with company number [number] whose registered office is at [registered office address OR (the Insurer) full name of managing agent] on behalf of the underwriting members of all Lloyd’s syndicates as managed by it from time to time (the Managing Agent)

AND

  1. 2

    [Full name of broking company] incorporated and registered in [country] with company number [number] whose registered address is at [registered office address] (the Broker)

(collectively the “Parties” and each individually a “Party”)

AGREED TERMS

    1. 1

      Definitions and interpretation

      1. 1.1

        The following definitions and rules of interpretation apply in this Agreement:

        Agreement

        1. means this agreement, the “Terms of Business Agreement Non Risk Transfer or Risk Transfer".

        Appointed Representative

        1. means a person who satisfies the conditions of section 39(1) of FSMA.

        Business Day

        1. means a day, other than Saturday or Sunday or a day which is a public holiday in England.

        CASS

        1. means the FCA’s Client Assets Sourcebook.

        Contract of Insurance

        1. means any contract of insurance which is a contract of long-term insurance or general insurance in accordance with Article 3(1) of the RAO.

        Control

        1. in relation to a change of control, has the meaning given in Part XII of FSMA.

        Client

        1. means a client or potential client of the Broker.

        Client Money

        1. means money of any currency that the Broker holds

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