Common Contracts
1 similar Profit Sharing Agreement contracts
Profit sharing agreement insuranceProfit Sharing Agreement • January 11th, 2021
User ID: Subscriber Status:Free In a recent trial win for McMillan, the Ontario Superior Court in Victess Capital Corp. v. Intact Insurance Co. [1] he made a decision that sheds light on the definition of insurance under Section 1 of the Insurance Act (the Act). The decision confirms that the option of blocking a broker's profit sharing is not safe under the Law, although the insurer explicitly refers to the program as profit sharing insurance. Historical The author was a broker representing the defendant, Intact Insurance Company (Intact). The two parties entered into a profit sharing agreement (the Broker's Profit Sharing Agreement). Profit sharing programs allow brokers who meet a minimum amount of profitability to earn a bonus based on the amount of deals the broker brings to the insurer. Under the Broker's Profit Sharing Agreement, the plaintiff could elect the Nine Month Option, which allowed brokers to block their share of the year's profits from September 30 for a rate of 15% o
