Premium Collection a. Premiums shall be paid on a monthly basis and shall be paid to the Benefits Office.
b. Monthly billing statements will be sent to each employee who is on an approved unpaid leave of absence and who elects to continue their health coverage.
Premium Collection. The Intermediary shall not collect any premiums on behalf of the insurer.
Premium Collection. All insurance charges or premiums collected by a third-party administrator on behalf of or for an insurer, and return premiums received from the insurer, shall be held by the third-party administrator in a fiduciary capacity. Such funds shall be immediately remitted to the person or persons entitled to them, or shall be deposited promptly in a fiduciary bank account established and maintained by the third-party administrator. If charges or premiums so deposited have been collected on behalf of or for more than one insurer, the third-party administrator shall cause the bank in which the fiduciary account is maintained to keep records clearly recording the deposits in and withdrawals from the account on behalf of or for each insurer. The third-party administrator shall promptly obtain and keep copies of all such records and, upon request of an insurer, shall furnish the insurer with copies of the records pertaining to deposits and withdrawals on behalf of or for that insurer.
Premium Collection. Broker-Dealer and Registered Representatives only have the authority to collect initial premiums except as specifically set forth in the applicable commission schedule. Unless previously authorized by Company, neither Broker-Dealer nor any of its Registered Representatives shall have any right to withhold or deduct any part of any premium it shall receive for purposes of payment of commission or otherwise.
Premium Collection. The Service Provider shall xxxx and collect all premiums due under the Reinsured Policies, return any unearned premiums or other premiums to be refunded, and reconcile amounts paid with returned billing statements or other remittance media. The Service Provider shall update the contract owner master records and all other records to reflect payments received.
Premium Collection. Agent shall not have authority, without written consent of CHOICE Administrators, to collect or provide receipt for premiums other than the first premium, deduct commissions or permissible fees; endorse checks payable to CHOICE Administrators, or perform any other act or duty not expressly authorized by CHOICE Administrators. Notwithstanding the preceding sentence, if CHOICE Administrators consents to the performance of such acts, Agent shall promptly deposit all funds in a trust account in a state or federal bank authorized to do business in the state in which the agent is transacting business with CHOICE Administrators and insured by an appropriate federal insuring agency. “Promptly deposit” means deposited no later than the business day following receipt by Agent.
Premium Collection. The STATE shall collect any insurance premiums from Enrollees.
Premium Collection. The Administrator shall promptly invest in the Separate Accounts deposits collected which relate to the Separate Account portions of Reinsured Contracts (including transfers from fixed options under the Reinsured Contracts), and promptly forward funds and required information to the underlying investment management companies, in each case in accordance with the Reinsured Contracts and any applicable agreements provided by the Company to the Administrator.
Premium Collection. 1. Premium Collection and Related Procedures Premium Payment. GROUP’s Premiums for its Enrollees in PLAN will be billed to GROUP by CaliforniaChoice Benefit Administrators in an aggregated billing mechanism which will include PLAN-specific itemized Premiums due from GROUP for other CaliforniaChoice Participating Plans selected by GROUP’s Employees. On or about the first business day of the month prior to the coverage month, a Premium Notice is sent by CaliforniaChoice Benefit Administrators to GROUP. (A $30 to $50 monthly administration fee will be added to GROUP’s aggregated billing statement by CaliforniaChoice Benefit Administrators.) Payment of Premiums will be due on the 20th day of the month prior to the prospective coverage month. .
Premium Collection. 5.1 With respect to direct-billed policies:
(a) The Agent agrees to collect and remit to the Company, the initial premium together with the completed application declaration within the time period set forth in the established Company procedure.
(b) The Agent assumes responsibility for the payment of the initial premium on policies issued by or through the agency whether or not such premium is collected or collectible.
(c) The Company shall bxxx all renewal or adjustment premiums direct to the insured or to a designated lending institution or servicing agency holding premiums in escrow or reserve. These premiums are payable to the Company in gross.
(d) Should any renewal, additional or endorsement premiums on business written pursuant to the agreement come into the Agent’s hands, the Agent will remit the premium in gross to the Company within the time period set forth in the established Company procedures.
(e) The Company shall pay the Agent, as full compensation on premiums remitted to or collected by the Company, commissions at the rates and in the manner specified on the commission schedule attached to this Agreement.
5.2 With respect to agency billed policies, the Agent has the authority and responsibility to collect, receive and receipt for premiums on business written by the Agent and to retain out of the premiums collected commissions at the rate indicated on the current commission schedule attached to this Agreement. This provision does not apply to business written on a direct-billed basis.
5.3 The Company shall render a premium accounting to the Agent. The Agent shall pay to the Company, net premiums due on all agency-billed insurance placed by or through the Agent with the Company not later than forty-five (45) days after the close of the month in which the business becomes affective, whether such premiums are collected or collectible. If the Agent is unable to collect an additional premium developed by adjustment or audit and provided there is no premium development on other policies issued by the Company to the insured which may be used as a set-off, the Agent may request the Company to undertake direct collection of the premium and relieve the Agent of the responsibility for the premium. However, the Agent must make this request to the Company in writing within forty-five (45) days from the date the Agent receives written notification that the additional premium is due. No commission will be paid to the Agent on any premium returned to the Com...
