The Fronting Agreement (Insurance) is essential in the Philippine insurance market where international insurers seek to provide coverage but lack direct licensing. This document is typically used when an international insurer wants to write business in the Philippines but must do so through a licensed local insurer. The agreement must comply with the Insurance Code of the Philippines (Republic Act No. 10607) and Insurance Commission regulations, particularly Circular Letter No. 2014-47 on fronting arrangements. It details the responsibilities of both parties, including premium collection, policy issuance, claims handling, and regulatory reporting. The document is crucial for businesses requiring specialized insurance coverage that may only be available through international markets while maintaining compliance with Philippine insurance regulations.
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1. Parties: Identifies the fronting insurer and the reinsurer/backed insurer, including their legal status and regulatory authorizations
2. Background: Explains the context of the agreement, including the purpose of the fronting arrangement and regulatory framework
3. Definitions: Defines key terms used throughout the agreement, including technical insurance and regulatory terms
4. Scope of Agreement: Outlines the insurance programs covered, territories, and types of risks included in the fronting arrangement
5. Duties and Responsibilities: Details the obligations of both parties, including underwriting, claims handling, and reporting requirements
6. Premium and Commission Structure: Specifies the premium handling, commission arrangements, and payment terms
7. Risk Transfer and Reinsurance: Details the reinsurance arrangement, including retention limits and risk transfer mechanisms
8. Regulatory Compliance: Addresses compliance with Philippine insurance laws, reporting requirements, and regulatory filings
9. Claims Management: Establishes procedures for claims handling, settlement authority, and claims reporting
10. Security and Collateral: Specifies any required collateral or security arrangements to support the fronting relationship
11. Accounting and Reporting: Details financial reporting requirements, accounting procedures, and reconciliation processes
12. Term and Termination: Specifies the duration of the agreement and conditions for termination
13. Representations and Warranties: Contains standard and specific representations by both parties
14. Governing Law and Dispute Resolution: Specifies Philippine law as governing law and sets out dispute resolution procedures
15. General Provisions: Includes standard contractual provisions such as notices, amendments, and assignment
1. Program-Specific Underwriting Guidelines: Used when specific insurance programs require detailed underwriting criteria and procedures
2. Profit Sharing Arrangements: Included when the parties agree to share profits from the fronted business
3. Third-Party Administrator Provisions: Required when a TPA is involved in claims or policy administration
4. Cut-Through Provisions: Included when direct access by insureds to the reinsurer is permitted in specific circumstances
5. Portfolio Transfer Provisions: Used when existing business is being transferred as part of the arrangement
6. Data Protection and Privacy: Required when significant personal data processing is involved in the program
7. Business Continuity Requirements: Included for high-volume or critical insurance programs
8. Sanctions Compliance: Required when the program involves international business or cross-border risks
1. Schedule A - Insurance Programs: Detailed list of insurance programs covered under the agreement, including limits and conditions
2. Schedule B - Commission Structure: Detailed breakdown of commission rates and payment terms for different types of business
3. Schedule C - Service Level Requirements: Specific performance metrics and service standards for both parties
4. Schedule D - Claims Handling Procedures: Detailed procedures for claims processing, reporting, and settlement
5. Schedule E - Reporting Templates: Standard formats for required regular reports and financial statements
6. Schedule F - Security Calculation: Formula and procedures for calculating required collateral or security
7. Appendix 1 - Required Regulatory Filings: List of regulatory filings required under Philippine law
8. Appendix 2 - Authorized Signatories: List of persons authorized to act on behalf of each party
9. Appendix 3 - Policy Forms: Approved policy forms and endorsements to be used in the program
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