Common use of Scheduled Audits and Examinations Clause in Contracts

Scheduled Audits and Examinations. The Company and/or its designated representative(s) shall be afforded full and complete access to the General Agent’s records, for the purpose of auditing the General Agent, with respect to all transactions arising out of or in connection with any business written by the agent under this Agreement, including any underwriting, claims, financial and/or accounting files of the General Agent, upon twenty four (24) hours notice and during the regular business hours of the General Agent. The Company shall conduct such audits on a not less than semi-annual basis, and otherwise within ninety (90) days of the close of any thirty (30) day period in which the Company’s aggregate premium volume increases by thirty percent (30%) or more, where the General Agent writes more than twenty percent (20%) of the Company’s aggregate premium volume, and the General Agent has itself experienced an increase of twenty percent (20%) or more in its own premium volume produced within the same thirty (30) day period.

Scheduled Audits and Examinations. The Company Company, and/or its designated representative(s) ), shall be afforded full and complete access to the General Agent’s records, for the purpose of auditing the General Agent, with respect to all transactions arising out of or in connection with any business written by the agent General Agent under this Agreement, including any underwriting, claims, financial and/or accounting files of the General Agent, upon twenty four (24) hours notice and during the regular business hours of the General Agent. The Company shall conduct such audits on a not less than semi-annual basis, basis and otherwise within ninety (90) days of the close of any thirty (30) day period in which the Company’s aggregate premium volume increases by thirty percent (30%) or more, where the General Agent writes more than twenty percent (20%) of the Company’s aggregate premium volume, and the General Agent has itself experienced an increase of twenty percent (20%) or more in its own premium volume produced within the same thirty (30) day period. Copies of such audits shall remain on file with the Company for at least three years and be available to regulators for review.” New paragraphs L. (7) and (8) as written below shall be added to the Agreement.