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:
An Agreement dated [date] governing the conduct of Insurance Business between:
[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)
[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”)
Definitions and interpretation
The following definitions and rules of interpretation apply in this Agreement:
means this agreement, the “Terms of Business Agreement Non Risk Transfer or Risk Transfer".
means a person who satisfies the conditions of section 39(1) of FSMA.
means a day, other than Saturday or Sunday or a day which is a public holiday in England.
means the FCA’s Client Assets Sourcebook.
Contract of Insurance
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.
in relation to a change of control, has the meaning given in Part XII of FSMA.
means a client or potential client of the Broker.
means money of any currency that the Broker holds
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