Common use of Premium Payments and Accounting Clause in Contracts

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 consider the case as not taken up. The Intermediary will be responsible for any time on risk charges should any case not proceed for whatever reason. g) The Company reserves the right to deal directly with the Insured in the event of a default on our credit agreement. h) The Intermediary is responsible for complying with the terms of any premium payment warranty or condition imposed by any Insurer and making any premium payment to The Company in sufficient time to allow The Company to remit the relevant funds to The Insurer before the expiry of any period stated in such warranty or condition. In consideration of the granting of cascaded risk transfer by any Insurer to the Intermediary, the Intermediary warrants that it will, for any Insurer that has provided cascaded risk transfer to it, provide such rights of access to its premises within business hours and any documentation or records that any Insurer may require in establishing that monies held on their behalf are properly recorded and adequately protected.

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 Client and for receiving and holding refunds prior to transmission to the Insured Client (i.e., i.e. risk transfer applies but only to Premiums, Adjustments, and Return Premiums). Subject to the “Important Notice” at the end of this section 9Clause 10, The Company has authority from all its insurers Insurers to cascade risk transfer and for the purposes of this agreementAgreement, unless otherwise advised, risk transfer extends to The Intermediary, which means that: a) Monies The Intermediary receives from the client 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 Client 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 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” 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 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 Premiumspremiums, IPT Insurance Premium Tax and any Fees fees are to be accounted for by The Intermediary not later than 45 30 days after the effective inception, renewal or adjustment date (as appropriate) of the policy 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 consider the case as not taken up. The Intermediary will be responsible for any time on risk charges should any case not proceed for whatever reason. g) The Company reserves the right to deal directly with the Insured Client in the event of a default on our The Company’s credit agreement. h) The Intermediary is responsible for complying with the terms of any premium payment warranty or condition imposed by any Insurer and making any premium payment to The Company in sufficient time to allow The Company to remit the relevant funds to The the Insurer before the expiry of any period stated in such warranty or condition. In consideration of the granting of cascaded risk transfer by any Insurer to the Intermediary, the Intermediary warrants that it will, for any Insurer that has provided cascaded risk transfer to it, provide such rights of access to its premises within business hours and any documentation or records that any Insurer may require in establishing that monies held on their behalf are properly recorded and adequately protected.

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 Client and for receiving and holding refunds prior to transmission to the Insured Client (i.e., risk transfer applies but only to Premiums, Adjustments, and Return Premiums). Subject to the “Important Notice” at the end of this section 9Clause 10, The Company has authority from all its insurers Insurers to cascade risk transfer and for the purposes of this agreementAgreement, unless otherwise advised, risk transfer extends to The Intermediary, which means that: a) Monies The Intermediary receives from the client 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 Client 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 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” 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 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 Premiumspremiums, IPT Insurance Premium Tax and any Fees fees are to be accounted for by The Intermediary not later than 45 30 days after the effective inception, renewal or adjustment date (as appropriate) of the policy 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 consider the case as not taken up. The Intermediary will be responsible for any time on risk charges should any case not proceed for whatever reason. g) The Company reserves the right to deal directly with the Insured Client in the event of a default on our credit agreement.The h) The Intermediary is responsible for complying with the terms of any premium payment warranty or condition imposed by any Insurer and making any premium payment to The Company in sufficient time to allow The Company to remit the relevant funds to The the Insurer before the expiry of any period stated in such warranty or condition. In consideration of the granting of cascaded risk transfer by any Insurer to the Intermediary, the Intermediary warrants that it will, for any Insurer that has provided cascaded risk transfer to it, provide such rights of access to its premises within business hours and any documentation or records that any Insurer may require in establishing that monies held on their behalf are properly recorded and adequately protected.