ADMINISTRATIVE PAYMENT Clause Samples
ADMINISTRATIVE PAYMENT. In addition to any other rights of MGA set forth herein or in the Documents, MGA may require payment by the AGENCY or the AGENT of an amount not to exceed the gross amount of any commission derived by the AGENCY or the Agent on any CARRIERS policy or policies written or bound in violation of this AGREEMENT or the Documents, applicable Statutes, Insurance Codes, or Insurance Regulations. Failure of the AGENCY or the Agent to make such payment upon written demand by MGA is grounds for immediate termination of the AGREEMENT by MGA.
ADMINISTRATIVE PAYMENT. In addition to any other rights of the Company set forth herein or in the Company’s Agency Manual, the Company may require payment by the Agency of an amount not to exceed any commission derived by the Agency on any Company policy or policies written or bound in violation of, or not in accordance with, this Agreement, the Company’s Agency Manual, the Florida Insurance Code or the Rules and Regulations of the DFS. Failure of the Agency to make such payment shall constitute grounds for the immediate termination of this Agreement.
ADMINISTRATIVE PAYMENT. In addition to any other rights of the Company set forth herein or in the Company’s Agency Manual, the Company may require payment by the Member Agency of an amount not to exceed any commission derived by the Member Agency on any Company policy or policies written or bound in violation of, or not in accordance with, this Agreement, the Company’s Agency Manual, the New Jersey Insurance Laws or the Rules and Regulations of the New Jersey Department of Banking and Insurance. Failure of the Member Agency to make such payment shall constitute grounds for the immediate termination of this Agreement.
ADMINISTRATIVE PAYMENT. In addition to any other rights of Company set forth herein or in the Documents, Company may require payment by the Agency of an amount not to exceed the gross amount of any commission derived by the Agency on any Company policy or policies written or bound in violation of this Agreement or the Documents, applicable Statutes, Insurance Codes, or Insurance Regulations. Failure of the Agency to make such payment upon written demand by Company is grounds for immediate termination of the Agreement by Company.