The Terms of Business Agreement (TOBA) is a formal contract that outlines the terms and conditions under which KIC agrees to do business and establishes the framework of the working relationship between KIC and the Broker or Intermediary.
The primary purpose of the TOBA is to manage risks by ensuring that all parties are clear about their obligations and responsibilities, thereby reducing the potential for misunderstandings or disputes, facilitating smoother transactions and helping to ensure that the business conducted is both compliant and mutually beneficial.
Key Components of the TOBA:
- Duties and Responsibilities
- Payment Terms
- Compliance and Regulatory Obligations
- Termination Clauses
- Dispute Resolution
Please note, we will also request the KYC (Know Your Customer) form to be filled and sent.
KYC is a crucial part of maintaining trust and integrity in the insurance market, as it ensures that businesses are compliant with regulatory requirements.