The Maine Distribution Agreement is a legally binding contract between First American Insurance Portfolios, Inc. and SET Financial Services Company, outlining the terms and conditions for the distribution of insurance products and services within the state of Maine. This agreement aims to establish a partnership between the two entities, facilitating the marketing, sale, and delivery of insurance policies to customers in the Maine market. Key Terms and Conditions: 1. Scope: The agreement specifies the precise insurance products and services that are covered within its scope, such as life insurance, disability insurance, annuities, or other asset management solutions. 2. Exclusive Distribution: The agreement may grant First American Insurance Portfolios, Inc. exclusive distribution rights, ensuring that SET Financial Services Company refrains from partnering with or granting distribution rights to any other insurance provider in the region. 3. Responsibilities: The roles and responsibilities of each party are clearly defined in the agreement. First American Insurance Portfolios, Inc. is responsible for the development, supply, and marketing of the insurance products, whereas SET Financial Services Company is responsible for promoting, selling, and servicing the policies to clients. 4. Marketing and Promotion: The agreement may include provisions for joint promotional activities, outlining the strategies, channels, and budget for marketing the insurance products effectively to potential customers in Maine. 5. Compensation: The agreement defines the compensation structure for both parties, specifying the commission, fees, or revenue sharing arrangements. It may also outline any incentives or bonuses agreed upon based on performance metrics. 6. Compliance and Regulatory Matters: The agreement highlights the requirement for both parties to adhere to all applicable state and federal laws, regulations, and licensing requirements related to insurance distribution in Maine. It may also outline the procedures for handling and reporting any compliance breaches, disputes, or customer complaints. Types of Maine Distribution Agreements: 1. Exclusive Distribution Agreement: This type of agreement grants First American Insurance Portfolios, Inc. the sole right to distribute their insurance products through SET Financial Services Company exclusively in the state of Maine. SET Financial Services Company cannot partner with any other insurer for similar products during the agreement's term. 2. Non-Exclusive Distribution Agreement: This type of agreement allows SET Financial Services Company to distribute insurance products from First American Insurance Portfolios, Inc., while also partnering with other insurers for similar products in the Maine market. 3. Sub-Distribution Agreement: This agreement allows SET Financial Services Company to further distribute the insurance products to other intermediaries, such as brokers, agents, or financial advisors within Maine, expanding the reach and customer base. Maine Distribution Agreement Renewal and Termination: The agreement will specify the duration, renewal options, and the conditions under which either party may terminate the agreement. Common termination causes may include breaches of contractual obligations, fraud, insolvency, or changes in regulatory requirements. It is important to note that the aforementioned details are hypothetical and the actual terms and conditions of the Maine Distribution Agreement between First American Insurance Portfolios, Inc. and SET Financial Services Company may vary.
Maine Distribution Agreement between First American Insurance Portfolios, Inc. and SEI Financial Services Company
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State:
Multi-State
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US-EG-9187
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Word;
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Description
Distribution Agreement between First American Insurance Portfolios, Inc. and SEI Financial Services Company dated December 8, 1999. 9 pages
The Maine Distribution Agreement is a legally binding contract between First American Insurance Portfolios, Inc. and SET Financial Services Company, outlining the terms and conditions for the distribution of insurance products and services within the state of Maine. This agreement aims to establish a partnership between the two entities, facilitating the marketing, sale, and delivery of insurance policies to customers in the Maine market. Key Terms and Conditions: 1. Scope: The agreement specifies the precise insurance products and services that are covered within its scope, such as life insurance, disability insurance, annuities, or other asset management solutions. 2. Exclusive Distribution: The agreement may grant First American Insurance Portfolios, Inc. exclusive distribution rights, ensuring that SET Financial Services Company refrains from partnering with or granting distribution rights to any other insurance provider in the region. 3. Responsibilities: The roles and responsibilities of each party are clearly defined in the agreement. First American Insurance Portfolios, Inc. is responsible for the development, supply, and marketing of the insurance products, whereas SET Financial Services Company is responsible for promoting, selling, and servicing the policies to clients. 4. Marketing and Promotion: The agreement may include provisions for joint promotional activities, outlining the strategies, channels, and budget for marketing the insurance products effectively to potential customers in Maine. 5. Compensation: The agreement defines the compensation structure for both parties, specifying the commission, fees, or revenue sharing arrangements. It may also outline any incentives or bonuses agreed upon based on performance metrics. 6. Compliance and Regulatory Matters: The agreement highlights the requirement for both parties to adhere to all applicable state and federal laws, regulations, and licensing requirements related to insurance distribution in Maine. It may also outline the procedures for handling and reporting any compliance breaches, disputes, or customer complaints. Types of Maine Distribution Agreements: 1. Exclusive Distribution Agreement: This type of agreement grants First American Insurance Portfolios, Inc. the sole right to distribute their insurance products through SET Financial Services Company exclusively in the state of Maine. SET Financial Services Company cannot partner with any other insurer for similar products during the agreement's term. 2. Non-Exclusive Distribution Agreement: This type of agreement allows SET Financial Services Company to distribute insurance products from First American Insurance Portfolios, Inc., while also partnering with other insurers for similar products in the Maine market. 3. Sub-Distribution Agreement: This agreement allows SET Financial Services Company to further distribute the insurance products to other intermediaries, such as brokers, agents, or financial advisors within Maine, expanding the reach and customer base. Maine Distribution Agreement Renewal and Termination: The agreement will specify the duration, renewal options, and the conditions under which either party may terminate the agreement. Common termination causes may include breaches of contractual obligations, fraud, insolvency, or changes in regulatory requirements. It is important to note that the aforementioned details are hypothetical and the actual terms and conditions of the Maine Distribution Agreement between First American Insurance Portfolios, Inc. and SET Financial Services Company may vary.
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