Premium Remittance. IMS shall establish procedures, as determined by FIA, for a timely deposit and remittance of funds to the U.S. Treasury via authorized automatic clearinghouse mechanism. Gross premium collected by IMS, for WYO Flood program business written under this Agreement, shall be remitted to the FIA by IMS net of the established NFIP Expense Allowance. ("Allowance") , which Allowance expenses to be paid under the Allowance include Carrier's operating and administrative expenses.
Premium Remittance. Direct Bill policies: Producer shall exercise best efforts to assist carrier to collect unpaid audit and other premiums. Agency Billed policies: the Producer accepts full and entire responsibility to PMC for the collection and payment of all earned premiums due on insurance contracts arranged by PMC, regardless of the collectability or collection status of the account by the Producer. Producer will be relieved of responsibility only if and when the issuing company relieves PMC of its responsibility to collect such premium. Insureds failure to pay audit and other premiums due will result in the account being turned over to the insurance carrier for collection. Producer will forfeit all commission irrespective of whether Xxxxxxx ultimately collects the audit premium owed. In the event of a sale of the Producer’s business to a party unknown to PMC, at the time of this Agreement’s execution, all responsibility for premium remittance as agreed under this document shall remain the responsibility of the undersigned Producer, personally, and not that of the purchasing third party. The new ownership of the Producer’s business must sign and execute a new PMC Producer Agreement in order to continue the Agreement.
Premium Remittance. 2.1 It is agreed and understood that all premiums collected by the Broker are held in trust and that such premiums are the property of IAS and the Insurers. The Broker recognizes that Broker has no interest in the premiums collected by Broker and shall make no deductions there from before paying same to IAS, except for commissions which have been duly authorized in writing by IAS.
Premium Remittance. Vendor shall be liable to the FIA for any premiums Vendor has received on WYO Flood Program business written under this Agreement. Vendor shall establish procedures for a timely deposit and remittance of funds to the U.S. Treasury via authorized automatic clearinghouse mechanism. Gross premium collected by Vendor, for WYO Flood Program business written under this Agreement, shall be remitted to the FIA by Vendor net of the established NFIP Allowable Expenses. "Allowable Expenses" shall mean a WYO Carrier's operating and administrative expenses.
Premium Remittance. You shall immediately forward to the Company or its designee any premium received with an application or otherwise delivered to you. You have no right or authority to receive or collect moneys for or on behalf of the Company at any time, for any purpose, except the initial premium offered with an insurance application. The Company may, at its discretion, authorize you to collect deferred or renewal premiums as and when they mature. Premium checks shall be made payable to the Company. Negotiable instruments received by you for the benefit of the Company shall be held by you as trustee for the Company, and shall not be used by you for any personal or other purposes whatsoever.
Premium Remittance. (a) In consideration of the acceptance of insurance business from the Producer, Producer will pay to ESP the balance due on all policies, endorsements, binders, certificates, and/or other balances including insurance audit related balances arranged by ESP. Producer will remit payment to ESP within 21 days of the date of invoice or the effective date of coverage, whichever last occurs. Producer shall remit all premiums and taxes earned on insurance contracts arranged by ESP regardless of the collectability or collection status of the account by the Producer. All payments shall be mailed to ESP Insurance Brokerage, LLC, 000 Xxxx Xxxxxx, Xxxxxxxxx, XX 00000. Premium remittance provided by third party loan entities (Premium Financing Companies) are acceptable.
Premium Remittance. Any premium payment collected or received must be: • remitted immediately in full to either the Carriers or the General Agent; • payable to the Carrier from whom a Health Plan is purchased. No premium payment may be made payable to the Producing Agent. All such payments are the property of the Carriers and shall be held by the Producing Agent as trust funds. Demand is hereby made on the Producing Agent for the payment of all premium payments received and such demand is hereby accepted by the Producing Agent in lieu of any further demand.
Premium Remittance. 1. Deposit premiums shall be remitted, gross of commission, to the Administrator prior to the binding of any coverage under this Agreement.
Premium Remittance. In consideration of the acceptance of insurance business from the Producer by the Company, it is agreed and understood that the Producer will pay to the Company, at the Company’s principal place of business, the balance due on all certificates, policies and other balance relating to insurance arranged by the Company. Based upon agreement between the Company and Producer, the Producer will remit payment to the Company no later then twenty (20) days from the effective date of each invoice issued by the Company. In the event of a sale of the Producer’s business to a party unknown to the Company at the time of this agreement’s execution, all responsibility for premium remittance as agreed under this document, shall remain the responsibility of the undersigned Producer, personally, and not that of the purchasing third party. The new ownership of the Producer’s business must sign and execute a new Gremesco of NJ LLC Producer Agreement in order to continue the agreement.
Premium Remittance. 4.2.1. Producer is not authorized to collect or remit any premium from Clients.
