PREMIUM ESCROW ACCOUNTS. 7.1 The Managing General Agent shall accept in a fiduciary capacity all premiums collected and other funds relating to the business written under this Agreement. The privilege of retaining commissions shall not be construed as changing the fiduciary capacity.
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Samples: General Agency Agreement, Managing General Agency Agreement, General Agency Agreement (Affirmative Insurance Holdings Inc)
PREMIUM ESCROW ACCOUNTS. 7.1 The Managing General Agent shall accept in a fiduciary capacity all premiums collected and other funds relating to the business written under this Agreement. It is expressly agreed and understood that all premiums collected by the Managing General Agent are collected on behalf of the Company; that such premiums are the property of the Company and the Reinsurer as their respective interests may appear pursuant to the Reinsurance Agreement, less such commissions and fees as are due the Managing General Agent. The privilege of retaining commissions shall not be construed as changing the fiduciary capacity.
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