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Once submitted, this does not guarantee you an agency with iprism. You will receive a courtesy email from us to let you know your new broker application is being processed by the team.
I/we also undertake to advise iprism Underwriting Agency Limited promptly and in writing:
I/we confirm that I/we am/are authorised by those involved to provide personal details in connection with these individuals, for the purposes of this application.
I/we confirm our understanding that this agency appointment will not come into force until I/we have received written confirmation from iprism of an agency appointment together with an iprism Agency Number.
I/we declare that the information given in this Agency Application is true and complete and I/we agree that this application shall be the basis of any agency appointment.
The iprism Terms of Business Agreement (TOBA) is based on these Terms & Conditions You must read and agree to our Terms & Conditons.
The Agent warrants that with effect from the commencement date, (date on which the Agent signs the Agency Agreement), it is authorised to conduct the regulated activities required by this agreement in accordance with Part IV of the Financial Services and Markets Act 2000 (“FSMA”) and undertakes to comply at all times with the regulatory requirements applicable to it or which become applicable to it under FSMA, including without limitation all rules and requirements of the Financial Conduct Authority (“FCA”) together with all other applicable laws and regulations and to obtain and maintain in effect any licence or authorisation which it may be required to hold in respect of the activities conducted by it. In the event of any of the Agent’s permissions being varied or terminated the Agent must notify iprism immediately.
In each of their dealings with Policyholders to which this Agreement applies, iprism and the Agent shall each be solely responsible for ensuring its own compliance with the Regulatory Requirements and other legal requirements. Nothing in this Agreement shall require either party to act otherwise than in accordance with the Regulatory Requirements, except as required by law.
The Agent is not empowered to bind iprism and/or their Insurers by contract or to impose any liability on iprism whether written or oral or by conduct unless previously instructed in specific terms.
The Agent operates on behalf of the policyholder or prospective policyholder in relation to all aspects of business conducted under this agreement except insofar as is stated elsewhere in this agreement or as otherwise agreed in writing between iprism and the Agent.
iprism operates as agent of the Insurers when acting under the powers of their delegated binding authorities and for the purposes of collecting, receiving and holding premiums, (including all relevant taxes).
The Agent is not permitted to delegate any authority or permission, (including Risk Transfer), granted by iprism and their Insurers to a third party unless agreed in writing with iprism.
If agreement is given by iprism to extend any permission under this agreement, the Agent must indemnify iprism and their Insurers for all acts and omissions of any person or company for whom this permission has been granted.
The Agent is to ensure that any third party for whom this permission has been granted must be subject to a legally binding written contract containing obligations no less onerous than those imposed on the Agent under this Agreement. For the avoidance of doubt this includes the provisions of Clauses 9, 10 and 11.
The Agent will be responsible for ensuring information supplied to iprism and the Insurers is accurate and completely representative of the risk.
On completion of business requested by you, you will be presented with documentation for onward transmission to the Insured. You should check the policy schedule and terms and conditions prior to confirming cover to your client and verify that it is entirely in accordance with your understanding and instructions. Any variance with your understanding should be advised to us immediately quoting our policy reference. Any resultant changes may alter the risk and could change the premium and/or the policy terms and conditions.
iprism will issue renewal documents to the Agent in good time in order that they can be dealt with and forwarded to the customer so that the Agent’s responsibilities under FCA regulation are fulfilled.
The Agent will pass iprism’s renewal invitations promptly to the customer together with details of any change in the terms and conditions applying to the insurance or to the items covered. If iprism or the Insurer decides not to invite renewal, iprism will advise the Agent of their intention in accordance with statutory requirements.
The Agent/policyholder must advise the Insurer immediately upon receipt of notice of a claim. The Agent has no authority to act on behalf of iprism in respect of claims, and in particular, is not authorised to commit iprism or their panel of Insurers in any way or to arrange a claim settlement.
iprism and its introducing Agents have been appointed as agents of the Insurers for the purposes of receiving premiums from customers and for the purpose of receiving and holding premium refunds prior to the transmission to the client in question. In respect of this appointment, iprism has been given consent from all its Insurers to extend Risk Transfer to Agents, (and approved intermediaries of the Agent), of iprism and this will be in place once the customer has paid the premium to the Agent or their intermediary.
Insurers have agreed that the Agent, (and any of their appointed intermediaries, approved by iprism) must either:(i) hold all such monies as agent of the Insurers in a trust account with an Approved Bank (as defined by the FCA). This account must not be subject to any set off, charge or lien.
(ii) co-mingle monies relating to this agreement with client money in a statutory or non-statutory trust client money bank account as permitted under the FCA Client Money rules (set out in CASS 5).
The Insurers consent to the co-mingling of monies collected under the agreement of risk transfer, with client money, (statutory or non-statutory trust client money bank accounts), and agrees that their interests will be subordinated to the prior claims of clients whose money is subject to such trusts.
In order for the Agent to discharge their fiduciary responsibilities, premiums paid to iprism may be deemed to have been paid to Insurers.
The Agent and their approved intermediaries are entitled to any interest or investment income earned on the monies referred to above.
The Agent will be responsible for the payment of net premiums and IPT to iprism according to Clause 11 of this agreement, irrespective of receipt of such premiums from clients or approved intermediaries.
iprism will allow the Agent commission on insurance business transacted by the Agent with iprism. The commission scale applicable will be agreed in writing. Commission is not payable against any applicable Insurance Premium Tax or interest charge for payments of premiums by instalments or for charges relating to the processing of credit or debit cards.
Agents, (and their intermediaries approved by iprism), may only withdraw commission following receipt of the premium from the client (consistent with the requirement for commission withdrawal set out in the FCA Client Money rules (set out in CASS 5)).
In cases where policies are cancelled for whatever reason or rebates of premium are allowed by Insurers, the Agent will be responsible for the refund of the appropriate amount of commission in respect of the premium returned under such circumstances.
This Agreement may be terminated by the Agent or iprism;
To enable iprism or their Insurers to fulfil any regulatory or contractual duties to customers, iprism and/or their Insurers reserve the right to deal directly with customers whose insurances are arranged by the Agent with iprism in any of the following circumstances:
Where possible, notice will be given to the Agent by iprism of the proposed action and the reasons for it.
Other than as set out in Clause 13 above, or on termination by iprism in the circumstances set out in Clauses 12(c) or 12(d) above, iprism will not, during the currency of this Agreement, deliberately or knowingly, use information obtained from the Agent on business transacted under this Agreement to solicit, either directly, or indirectly by arrangement with another party, the insurance business of the Agent's clients.
The Agent will notify iprism immediately:
The "iprism" name and corporate logo are registered trademarks of iprism. Unless specifically authorised in writing, the Agent may not use the corporate logo on any documents or materials produced independently by or on behalf of the Agent.
The Agent shall indemnify and keep iprism indemnified from and against any loss, cost, liability, claim or damage which iprism might suffer or incur as a result of a default by the Agent of any of its obligations expressed or implied arising under or in connection with this Agreement and for any acts carried out by the Agent outside the scope of the authorities given under this Agreement.
Any variation to this Agreement must be contained in writing and signed by the Agent and iprism. Should agreement not be reached, iprism reserves the right to give a minimum of 60 days written notice to the Agent of any variations.
Both parties shall comply with all applicable laws, codes of practice, statutory requirements, regulatory requirements and any applicable guidance by regulators or industry bodies. In addition to this general consideration, the following must be enforced:
iprism may carry out an audit of all the Agent’s books and records, including compliance procedures and trust accounts relating to insurance policies with iprism. The Agent agrees to allow access by iprism to its premises, files and documents on reasonable notice.
You shall provide iprism and, or, the Insurer, with any information or assistance which may be reasonably requested for the purpose of complying with their obligations under the Regulatory Regime or of dealing with any enquiry, investigation or proceedings by the FCA or other Regulatory Body, including, but not limited to, providing access to its documents, records, files, audio and video tapes, computer databases, electronically stored information and any other information held in its or its staff possession or on its premises.
This Agreement shall be construed according to English law and the parties agree to submit to the exclusive jurisdiction of the English Courts.
This Agreement is personal to the parties and the benefits and obligations may not be assigned or delegated in whole or in part without the written consent of iprism.