Premium Payments and Accounting Sample Clauses

Premium Payments and Accounting. 9.1 Subject to any agreement to the contrary, Insurance Premium Tax and any fees for services are to be accounted for by the Intermediary not later than 15 working days after the effective inception, renewal or adjustment date (as appropriate) of the policy whether or not collected by the Intermediary. In each case the Company will issue an invoice to the Intermediary. 9.2 In the absence of payment of the premium by the invoice due date, the Company reserve the right to either cancel the cover or consider the case as not taken up. 9.3 The Intermediary will be responsible for any time on risk charges should any case not proceed. 9.4 All Insurance monies that the Intermediary receives and holds pursuant to this agreement shall be held on behalf of its clients and not on behalf of the Company or the Insurer, and shall be held in a Trust Account in accordance with the requirements of CASS 5.3 & 5.
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Premium Payments and Accounting. The Company acts as the agent of all Insurers on the Website for the purposes of receiving and holding premiums from the Insured and for receiving and holding refunds prior to transmission to the Insured (i.e., risk transfer applies but only to Premiums, Adjustments, and Return Premiums). Subject to the “Important Notice” at the end of this section 9, The Company has authority from all its insurers to cascade risk transfer and for the purposes of this agreement, unless otherwise advised, risk transfer extends to The Intermediary, which means that: a) Monies The Intermediary receives from the client in respect of premium payments will be treated as paid to Insurers. b) Monies The Intermediary receives from The Company or Insurers for premium refunds will only be deemed as paid when paid by The Intermediary to the Client. c) All monies The Intermediary receives from the Client or from The Company/the Insurer for the benefit of the Insured shall be the property of the Insurer and must be held by The Intermediary in trust for the Insurer either in a Statutory, or Non Statutory trust account subject to the FCA CASS rules, with an approved UK Bank and designated for this purpose (“Trust Account”) The Intermediary must have suitable systems in place to enable The Intermediary to identify such monies. The Intermediary is entitled to retain any interest earned on such monies. d) Where The Intermediary holds Client Money, The Insurer agrees that money which The Intermediary holds in trust for them may be co-mingled in a client money bank account with other “client money” as defined in the FCA Client Assets Sourcebook (CASS) or Insurer money held under risk transfer agreements. The Insurer further agrees that any interest they have in monies so held is to be subordinated to the interests of clients to the extent required by the FCA CASS rules. e) Unless otherwise advised, The Intermediary is not authorised to act as the agent of The Company or of the Insurer for the purposes of receiving or holding claims money. f) Subject to any agreement to the contrary net Premiums, IPT and any Fees are to be accounted for by The Intermediary not later than 45 days after the effective inception, renewal or adjustment date (as appropriate) of the policy whether or not collected by The Intermediary. In each case The Company will issue an invoice to The Intermediary. In the absence of payment of the premium by the due date The Company reserves the right to either cancel the cover or ...
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Premium Payments and Accounting. 9.1 Subject to any agreement to the contrary premium’s IPT and any fees for services are to be accounted for by the Intermediary not later than 30 working days after the effective inception, renewal or adjustment date (as appropriate) of the policy whether or not collected by the Intermediary. In each case the Company will issue an invoice to the Intermediary. 9.2 In the absence of payment of the premium by the invoice due date, the Company reserve the right to either cancel the cover or consider the case as not taken up. 9.3 The Intermediary will be responsible for any time on risk charges should any case not proceed. 9.4 All Insurance monies that the Intermediary receives and holds pursuant to this agreement shall be held on behalf of its clients and not on behalf of the Company or the Insurer, and shall be held in a Trust Account in accordance with the requirements of CASS 5. 9.5 The Intermediary acknowledges that any arrangement made by the Intermediary for the payment of premiums by instalments or other provisional credit with respect to premiums are made entirely at the Intermediary’s risk and that the Intermediary will be responsible for the payment of the full premium by the invoice due date or other date as specified by the Company. 9.6 The company collects and holds money as agent for its Insurer’s it holds money in a Trust Account in accordance with the requirements of the FCA, CASS 5.2 requirements.
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Related to Premium Payments and Accounting

  • Legal and Accounting Fees All charges for services and expenses of the Trust's legal counsel and independent accountants.

  • Legal and Accounting Fees and Expenses All charges for services and expenses of the Corporation’s legal counsel and independent auditors for the benefit of the Fund;

  • PREMIUM ACCOUNTING The Company will pay the Reinsurer premiums in accordance with the terms specified in Exhibit C-1. The method and requirements for reporting and remitting premiums are specified in Exhibit F.

  • Interim Payments Interim payments may be made by Department, at its discretion, if the completion of deliverables to date have first been accepted in writing by Department's Grant Manager.

  • Premium Payments If an employee with at least three years of service in the employ of the Shaker Heights Board of Education should exhaust his/her sick leave within the time specifications of this contract and is granted a leave of absence by the Board, the Board shall continue to pay his/her premiums in accordance with his/her work assignment for the following fringe benefits for a period not to exceed twelve (12) months. The payment of such premiums will cease on the effective date an employee retires, resigns, goes on disability retirement or his/her contract is terminated. 1. PPO medical coverage 2. Prescription drug coverage

  • Compensation and FUND ACCOUNTING Expenses FUND ACCOUNTING shall be paid as compensation for its services pursuant to this Agreement such compensation as may from time to time be agreed upon in writing by the two parties. FUND ACCOUNTING shall be entitled, if agreed to by the Fund on behalf of the Portfolio, to recover its reasonable telephone, courier or delivery service, and all other reasonable out-of-pocket, expenses as incurred, including, without limitation, reasonable attorneys' fees and reasonable fees for pricing services.

  • Payments and Collections All funds received by the Agent in respect of any payments made by any Borrower on the Term Notes shall be distributed promptly on the date of receipt thereof by the Agent among the Banks, in like currency and funds as received, ratably according to each Bank’s Term Loan Percentage. All funds received by the Agent in respect of any payments made by any Borrower on the Revolving Notes, Revolving Commitment Fees or Letter of Credit Fees shall be distributed promptly on the date of receipt thereof by the Agent among the Banks, in like currency and funds as received, ratably according to each Bank’s Revolving Percentage. After any Event of Default has occurred, all funds received by the Agent, whether as payments by the Borrowers or as realization on collateral or on any guaranties, shall (except as may otherwise be required by law) be distributed by the Agent in the following order: (a) first to the Agent or any Bank that has incurred unreimbursed costs of collection with respect to any Obligations hereunder, ratably to the Agent and each Bank in the proportion that the costs incurred by the Agent or such Bank bear to the total of all such costs incurred by the Agent and all Banks; (b) next to the Agent for the pro rata account of (i) the Banks (in accordance with their respective Total Percentages) for application on the Notes and (ii) the Rate Protection Providers (in accordance with their outstanding and owed Rate Protection Obligations) for application on the Rate Protection Agreements; (c) next to the Agent for the account of the Banks (in accordance with their respective Revolving Percentages) for any unpaid Revolving Commitment Fees or Letter of Credit Fees owing by the Borrowers hereunder; and (d) last to the Agent to be held in the Holding Account to cover any outstanding Letters of Credit.

  • Fiscal Year; Accounting The Company's fiscal year shall be the calendar year with an ending month of December.

  • Loan Account and Accounting Agent shall maintain a loan account (the "Loan Account") on its books to record: all Advances, all payments made by Borrower, and all other debits and credits as provided in this Agreement with respect to the Loans or any other Obligations. All entries in the Loan Account shall be made in accordance with Agent's customary accounting practices as in effect from time to time. The balance in the Loan Account, as recorded on Agent's most recent printout or other written statement, shall, absent manifest error, be presumptive evidence of the amounts due and owing to Agent and Lenders by Borrower; provided, that any failure to so record or any error in so recording shall not limit or otherwise affect Borrower's duty to pay the Obligations. Agent shall render to Borrower a monthly accounting of transactions with respect to the Loans setting forth the balance of the Loan Account for the immediately preceding month. Unless Borrower notifies Agent in writing of any objection to any such accounting (specifically describing the basis for such objection), within 30 days after the date thereof, each and every such accounting shall (absent manifest error) be deemed final, binding and conclusive on Borrower in all respects as to all matters reflected therein. Only those items expressly objected to in such notice shall be deemed to be disputed by Borrower. Notwithstanding any provision herein contained to the contrary, any Lender may elect (which election may be revoked) to dispense with the issuance of Notes to that Lender and may rely on the Loan Account as evidence of the amount of Obligations from time to time owing to it.

  • Fund Accounting The Trustees may in their discretion from time to time enter into one or more contracts whereby the other party or parties undertakes to handle all or any part of the Trust’s accounting responsibilities, whether with respect to the Trust’s properties, Shareholders or otherwise.

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