THE GENERAL AGENT Clause Samples
The "General Agent" clause defines the role and authority of a general agent within the context of the agreement. Typically, this clause outlines the agent's powers to act on behalf of the principal, such as negotiating contracts, managing business operations, or making binding decisions within specified limits. It may also set out any restrictions on the agent's authority and the scope of their responsibilities. The core function of this clause is to clearly establish the agent's legal capacity to represent the principal, thereby reducing ambiguity and ensuring that third parties understand the extent of the agent's powers.
THE GENERAL AGENT. 17.01 The Reinsurer has selected the General Agent to administer the business reinsured hereunder. While for regulatory purposes, the General Agent will need to be appointed as the Company's agent, it is recognized that the General Agent is acting on behalf of the Reinsurer. The Company is making no evaluation of the General Agent's qualification, has no obligation to furnish reports or statistics to the Reinsurer, or to monitor the performance of the General Agent. The Company shall file with the State all reports requested by the State based upon information received from the General Agent and Reinsurer.
17.02 The Company will, at the request of the General Agent and the Reinsurer, appoint producing agents to produce business through the General Agent. The Company, in its sole discretion, may refuse to appoint any such agent; provided, however, that such appointment shall not be unreasonably withheld. The General Agent will not establish any sub-general agencies or any agencies with the authority of a general agency. The Reinsurer shall hold the Company harmless from and indemnify it for any damage, liability, claim, expense, cost or fees (including attorneys' fees and expenses) of whatever kind or character caused directly or indirectly by any action of or failure to act, by any such producing agent.
17.03 The General Agent shall be responsible for the control of the producing agents appointed by the Company at the request of and on behalf of the Reinsurer, including compliance with state licensing laws and the financial condition of such agents.
17.04 The Reinsurer shall guarantee payment to the Company of any amounts due the Company (or the Company's designated agent, TBA) from business produced by and/or policies issued by or through the producing agents appointed by the Company at the request of and on behalf of the General Agent and the Reinsurer. The Reinsurer and the General Agent shall be solely responsible for notifying such agents of this Agreement and of any termination hereof, and the Reinsurer shall be responsible for the consequences of any failure to provide such notification.
17.05 The General Agent shall not sue, or seek arbitration, against the Company for any acts of the Re▇▇▇urer and shall indemnify and hold the Company harmless from and against any damages, liabilities and expenses incurred by reason of the Reinsurer's acts or failures to act.
17.06 The Company shall conduct or have conducted the examinations of the General Agent as...
THE GENERAL AGENT and the Reinsurer shall comply with, and shall be responsible to insure the compliance by all such producing agents with, the terms of this Agreement and the Reinsurance Agreement and all other written rules and regulations of the Company, and treat as confidential and use only in the interest of the Company all instructions, information and materials received from the Company.
THE GENERAL AGENT. Section 19.01 The Company, the Reinsurer and the General Agent have entered into the General Agency Agreement, which is incorporated herein by this reference. The Reinsurer has selected the General Agent to administer the business reinsured hereunder. The Company shall have appointed the General Agent as the Company’s agent to act on its behalf in accordance with applicable Law and pursuant to the terms of the General Agency Agreement. The Parties each nevertheless recognize that the General Agent is acting at the direction of the Reinsurer.
Section 19.02 The Company shall conduct or have conducted the examinations of the General Agent as provided in Section 6.13 of the General Agency Agreement.
THE GENERAL AGENT