Common use of AUTHORITY GRANTED TO THE INTERMEDIARY Clause in Contracts

AUTHORITY GRANTED TO THE INTERMEDIARY. 5.1 The Intermediary is authorised to perform any act the result of which is that another person will or offers to enter into, vary or renew a policy underwritten by the Company in respect of the line of business as reflected in Annexure A and to perform such other services as intermediary as more fully set out in the authority reflected in Annexure A attached hereto, limited to the classes of insurance. 5.2 In the event that the Company authorises the Intermediary to collect and account for premiums on behalf of the Company as may be indicated in Annexure A attached hereto, receipt of premium on behalf of and payment thereof to the Company by the Intermediary shall be in accordance with and subject to sections 45 and 46 of the Act and the Regulations including, having security in the form as may be prescribed by the Company from time to time or prescribed in terms of applicable legislation and subject further to the terms and conditions contained in this Agreement. 5.3 In the event that the Intermediary is authorised to collect and account for premiums, the Intermediary shall meet the minimum operational requirements for collecting and accounting for premium as reflected in Annexure A4.1. 5.4 The authority contemplated in clause 5.2 shall be rendered at the levels and standards of services as may be agreed to in writing by and between the parties from time to time;

AUTHORITY GRANTED TO THE INTERMEDIARY. 5.1 The Intermediary is authorised to perform any act the result of which is that another person will or offers to enter into, vary or renew a policy underwritten by the Company in respect of the line of business as reflected in Annexure A and to perform such other services as intermediary as more fully set out in the authority reflected in Annexure A attached hereto, limited to the classes of insurance. 5.2 In the event that the Company authorises the Intermediary to collect and account for premiums on behalf of the Company as may be indicated in Annexure A attached hereto, receipt of premium on behalf of and payment thereof to the Company by the Intermediary shall be in accordance with and subject to sections 45 and 46 of the Short-term Insurance Act and the Regulations including, having security in the form as may be prescribed by the Company from time to time or prescribed in terms of applicable legislation and subject further to the terms and conditions contained in this Agreement. 5.3 In the event that the Intermediary is authorised to collect and account for premiums, the Intermediary shall meet the minimum operational requirements for collecting and accounting for premium as reflected in Annexure A4.1. 5.4 The authority contemplated in clause 5.2 shall be rendered at the levels and standards of services as may be agreed to in writing by and between the parties from time to time;