OBLIGATIONS OF POSP. The POSP hereby agrees, covenants and undertakes with - as follows: a) POSP will comply with all laws and regulations which relate to this Agreement and shall indemnify and hold the Company harmless for its failure to do so. POS shall maintain in good standing, at its own cost, licenses required by all applicable statutes and regulations. b) POSP shall not solicit any business except: mentioned in Schedule "A" i.e., the policies/products Authorised by IRDAI from time to time. c) POSP will comply with the Company's rules and regulations relating to the Soliciting the insurance business. As a material part of the consideration for the making of this Agreement by the Company, POSP agrees that there will be made no representations whatsoever with respect to the nature or scope of the benefits of the Policies sold except through and by means of the written material either prepared and furnished to POS for that purpose by the Company or approved in writing by the Company prior to its use. POS shall have no authority and will not make any oral or written alteration, modification, or waiver of any of the terms or conditions of any Policy whatsoever. d) POSP will conduct itself so as not to affect adversely the business, good standing, and reputation of the Company. e) POSP agrees not to employ or make use of any advertisement in which the Company's (or its affiliate's) name or its registered trademarks are employed without the prior written approval and consent of the Company. Upon request of POSP during the term of this Agreement, the Company shall make available for POSP's use, standard visiting cards, and other material. POSP may add, at POSP's expense, to the standard advertising only its business name, business address, POSP number and telephone number, as provided for in the advertising. No deletions or changes in the advertising copy are permissible. f) POSP shall act solely as an independent contractor, subject to the control and guidance of the company, and as such, shall have control on: all matters, its time and effort in the placement of the Policies offered hereunder. Nothing herein contained shall be construed to create the relationship of employer and employee between POSP and Company. g) POSP shall indemnify and hold the Company and its officers, employees harmless from all expenses, costs, causes of action, claims, demands, liabilities and damages, including reasonable attorney's fees, resulting from or growing out of any unauthorized act or transaction or any negligent act, omission or transaction by POSP or employees of POSP.
Appears in 3 contracts
Samples: Service Agreement, Service Agreement, Service Agreement
OBLIGATIONS OF POSP. The POSP hereby agrees, covenants and undertakes with - as follows:
a) POSP will comply with all laws and regulations which relate to this Agreement and shall indemnify and hold the Company harmless for its failure to do so. POS shall maintain in good standing, at its own cost, licenses required by all applicable statutes and regulations.
b) POSP shall not solicit any business except: mentioned in Schedule "A" i.e., the policies/products Authorised by IRDAI from time to time.
c) POSP will comply with the Company's rules and regulations relating to the Soliciting the insurance business. As a material part of the consideration for the making of this Agreement by the Company, POSP agrees that there will be made no representations whatsoever with respect to the nature or scope of the benefits of the Policies sold except through and by means of the written material either prepared and furnished to POS for that purpose by the Company or approved in writing by the Company prior to its use. POS shall have no authority and will not make any oral or written alteration, modification, or waiver of any of the terms or conditions of any ofany Policy whatsoever.
d) POSP will conduct itself so as not to affect adversely the business, good standing, and reputation of the Company.
e) POSP agrees not to employ or make use of any advertisement in which the Company's (or its affiliate's) name or its registered trademarks are employed without the prior written approval and consent of the Company. Upon request of POSP during the term of this Agreement, the Company shall make available for POSP's use, standard visiting cards, and other material. POSP may add, at POSP's expense, to the standard advertising only its business name, business address, POSP number and telephone number, as provided for in the advertising. No deletions or changes in the advertising copy are permissible.
f) POSP shall act solely as an independent contractor, subject to the control and guidance of the company, and as such, shall have control on: all matters, its time and effort in the placement of the Policies offered hereunder. Nothing herein contained shall be construed to create the relationship of employer and employee between POSP and Company.
g) POSP shall indemnify and hold the Company and its officers, employees harmless from all expenses, costs, causes of action, claims, demands, liabilities and damages, including reasonable attorney's fees, resulting from or growing out of any unauthorized act or transaction or any negligent act, omission or transaction by POSP or employees of POSP.
Appears in 2 contracts
Samples: Service Agreement, Service Agreement
OBLIGATIONS OF POSP. The POSP hereby agrees, covenants and undertakes with - as follows:
a) POSP : POS will comply with all laws and regulations which relate to this Agreement and shall indemnify and hold the Company harmless for its failure to do so. POS shall maintain in good standing, at its own cost, licenses required by all applicable statutes and regulations.
b) POSP shall regulations . POS may not solicit any business except: mentioned in Schedule "A" i.e., the (Please add all those policies/products Authorised Authorized by IRDAI from time to time.
c) POSP POS will comply with the Company's rules and regulations relating to the Soliciting the insurance business. As a material part of the consideration for the making of this Agreement by the Company, POSP POS agrees that there will be made no representations whatsoever with respect to the nature or scope of the benefits of the Policies sold except through and by means of the written material either prepared and furnished to POS for that purpose by the Company or approved in writing by the Company prior to its use. POS shall have no authority and will not make any oral or written alteration, modification, or waiver of any of the terms or conditions of any Policy whatsoever.
d) POSP . POS will conduct itself so as not to affect adversely the business, good standing, and reputation of the Company.
e) POSP . POS agrees not to employ or make use of any advertisement in which the Company's (or its affiliate's) name or its registered trademarks are employed without the prior written approval and consent of the Company. Upon request of POSP POS during the term of this Agreement, the Company shall make available for POSPPOS's use, standard visiting cards, and other material. POSP POS may add, at POSPPOS's expense, to the standard advertising only its business name, business address, POSP POS number and telephone number, as provided for in the advertising. No deletions or changes in the advertising copy are permissible.
f) POSP . POS shall act solely as an independent contractor, of-course subject to the control and guidance of the company, and as such, shall have control on: all matters, its time and effort in the placement of the Policies offered hereunder. Nothing herein contained shall be construed to create the relationship of employer and employee between POSP POS and Company.
g) POSP . POS shall indemnify and hold the Company and its officers, POSs and employees harmless from all expenses, costs, causes of action, claims, demands, liabilities and damages, including reasonable attorney's fees, resulting from or growing out of any unauthorized act or transaction or any negligent act, omission or transaction by POSP POS or employees of POSPPOS. Change of Address. POS shall notify Company in writing of any change of address and/or communication at least thirty (30) days prior to the effective date of such change. Collection of Premiums. POS shall have no authority, without written permission of Company, to collect or provide receipt for premiums to customer and shall assist the client for compliance of section 64VB of the Insurance Xxx 0000. Other Expenses. POS shall have no claim or shall not be entitled to reimbursement for any expenses. POS shall, on behalf of the Company, collect premiums as per IRDAI norms. All premiums collected on business produced by the POS hereunder shall be submitted to the Company within same day of receipt by POS. To faithfully perform all duties required hereunder, to cooperate with the Company in all matters pertaining to the issuance of policies, cancellations, claims and to promote the best interest of the Company. POS will be bound not to work for any other intermediaries or the Insurance companies. Whatever work he does in the insurance space, POS is bound to do through Company only. POS will ensure the compliance of FIU and obtains KYC POS shall not do any claim consultancy and any such opportunity that comes in this area. He shall be further obliged to bring to the notice of the company for its further doing the needful in a professional manner. Any financial penalty levied by the IRDAI, if it is based on the violations and noncompliance by the POS shall be borne by him. Similarly if suspension, cancellation or withdrawal of license of the company is based on breaches/noncompliance on the account of POS, the POS shall indemnify the consequential losses to the company. The POS shall be duty bound to cooperate with the officers of IRDAI for the purpose of inspection as may be required by IRDAI inspectors or investigating authority from time to time.
1. He shall will carry on its business pertaining to POSP products lawfully and diligently , and in compliance with all applicable laws, rules and regulations including but not limited to the IRDAI Guidelines on Point of Sales Person – Non-Life & Health Insurers, Guidelines on Point of Sales Person –Life Insurers,
2. It shall comply with all the provisions of the Insurance Xxx 0000, IRDA Act, 1999 and rules and regulations framed thereunder and such other directions issued and/or amended by the Authority from time to time.
Appears in 1 contract
Samples: Service Agreement
OBLIGATIONS OF POSP. The POSP hereby agrees, covenants covenants, and undertakes with - as follows:
a) POSP will comply with all laws and regulations which relate to this Agreement and shall indemnify and hold the Company harmless for its failure to do so. POS shall maintain in good standing, at its own cost, licenses required by all applicable statutes and regulations.
b) POSP shall not solicit any business except: mentioned in Schedule "A" i.e., except the policies/products Authorised by IRDAI from time to time.
c) POSP will comply with the Company's rules and regulations relating to the Soliciting the insurance business. As a material part of the consideration for the making of this Agreement by the Company, POSP agrees that there will be made no representations whatsoever with respect to the nature or scope of the benefits of the Policies sold except through and by means of the written material either prepared and furnished to POS for that purpose by the Company or approved in writing by the Company prior to its use. POS shall POSshall have no authority and will not make any oral or written alteration, modification, or waiver of any of the terms or conditions of any Policy whatsoever.
d) POSP will conduct itself so as not to affect adversely the business, good standing, and reputation of the Company.
e) POSP agrees not to employ or make use of any advertisement in which the Company's (or its affiliate's) name or its registered trademarks are employed without the prior written approval and consent of the Company. Upon request of POSP during the term of this Agreement, the Company shall make available for POSP's use, standard visiting cards, and other andother material. POSP may add, at POSP's expense, to the standard advertising only its business name, business address, POSP number and telephone number, as provided for in the inthe advertising. No deletions or changes in the advertising copy are permissible.
f) POSP shall act solely as an independent contractor, subject to the control and guidance of the company, and as such, shall have control on: all matters, its time and effort in the placement of the Policies offered hereunder. Nothing herein contained shall be construed to create the relationship of employer and employee between POSP and Company.
g) POSP shall indemnify and hold the Company and its officers, employees harmless from all expenses, costs, causes of action, claims, demands, liabilities and damages, including reasonable attorney's fees, resulting from or growing out of any unauthorized act or transaction or any negligent act, omission or transaction by POSP or employees of POSP.
Appears in 1 contract
Samples: Service Agreement
OBLIGATIONS OF POSP. The POSP hereby agrees, agrees covenants and undertakes with - as follows:
(a) POSP will comply with all laws and regulations which relate to this Agreement and shall indemnify and hold the Company harmless for its failure to do so. POS shall maintain in good standing, at its own cost, relevant licenses and/or registrations required by all applicable statutes and regulations.
(b) POSP shall not solicit any business except: except those mentioned in Schedule "A" i.e., the policies/products Authorised Authorized by IRDAI from time to time.
(c) POSP will comply with the Company's rules and regulations relating to the Soliciting the soliciting of insurance business. As a material part of the consideration for the making of this Agreement by the Company, POSP agrees that there will be made no representations whatsoever with respect to the nature or scope of the benefits of the Policies sold except through and by means of the written material either prepared and furnished to POS POSP for that purpose by the Company or approved in writing by the Company prior to its use. POS POSP shall have no authority and will not make any oral or written alteration, modification, or waiver of any of the terms or conditions of any Policy whatsoever.
(d) POSP will conduct itself so as not to affect adversely the business, good standing, standing and reputation of the Company.
(e) POSP agrees not to employ or make use of any advertisement in which the Company's (or its affiliate's) name or its registered trademarks are employed without the prior written approval and consent of the Company. Upon request of POSP during the term of this Agreement, the Company shall make available for POSP's use, standard visiting cards, and other materialrelated material as may be required by the POSP in relation to the services being offered hereunder. POSP may add, at POSP's expense, to the standard advertising only its business name, business address, POSP number and telephone number, as provided for in the advertisingadvertisement. No deletions or changes in the advertising copy are permissiblearepermissible. The Parties agree that the Company shall be entitled to recover from the POSP any and all loss suffered by the Company in relation to any misrepresentation under, or breach of this Agreement by the POSP in relation to, such advertisement(s).
(f) POSP shall act solely as an independent contractor, subject to the control and guidance of the companyCompany, and as such, shall have control on: on all matters, its time and effort in the placement of the Policies offered hereunder. Nothing herein contained shall be construed to create the relationship of employer and employee between POSP and Company.
(g) POSP shall indemnify and hold the Company and its officers, employees harmless from all expenses, costs, causes of action, claims, demands, liabilities and damages, including reasonable attorney's fees, resulting from or growing out of any unauthorized act or transaction or any negligent act, omission or transaction by POSP or employees of POSP. It is hereby clarified that such indemnity rights accorded to the Company under this Agreement shall be in addition to any rights that the Company may have at common law, in equity or otherwise under applicable law.
Appears in 1 contract
Samples: Service Level Agreement