Compensation of Agent. A. Company shall pay Partner Agent the Commission and Profit Sharing as respectively described in Exhibit A and Exhibit B. B. With one hundred eighty (180) days advance written notice, for reasons related to regulatory constraints or industry issues including but not limited to Program coverage resulting in an insurance industry or market downturn, the Company reserves the right to adjust Partner Agent’s Commission as described in Exhibit A. C. Effective at any time after a minimum of one hundred eighty (180) days advance written notice to Partner Agent, Company may adjust the current payout period of Profit Sharing as described in Exhibit B. D. It is understood and agreed that the Compensation paid hereunder shall be full compensation for all services rendered by Partner Agent pursuant to this Agreement. E. Partner Agent shall refund Commission, or other fees or amounts retained by Partner Agent, to the policyholder or insured, as appropriate, or to Company if requested by Company, from Partner Agent’s own funds on a pro-rata basis on return premiums at the same rate as paid to Partner Agent. F. The Commission applicable to multiple year policies (if Company has bound such policies through Partner Agent) shall be the Commission that is in effect for such policy during the year in which the policy is initially written, and such Commission shall apply throughout the term of any such policy. G. Partner Agent shall have no authority to, and shall not collect any fee(s) on, the policies unless specifically authorized by Company and permitted by law. H. Partner Agent shall calculate Commission based on premiums collected by Partner Agent for policies reported to Company.
Appears in 10 contracts
Samples: Partner Agent Program Agreement (Specialty Underwriters Alliance, Inc.), Partner Agent Program Agreement (Specialty Underwriters Alliance, Inc.), Partner Agent Program Agreement (Specialty Underwriters Alliance, Inc.)
