Common use of SEPARATE BANK ACCOUNTS Clause in Contracts

SEPARATE BANK ACCOUNTS. 27.1 All monies received by the Coverholder from or on behalf of the Underwriters shall be received by the Coverholder in a fiduciary capacity and: 27.1.1 shall be received by the Coverholder as assets of the Underwriters’ Lloyd’s Premiums Trust Funds (or, in the case of U.S. Dollar denominated business as assets of the Underwriters’ Lloyd’s Dollar Trust Funds or, in the case of Canadian Dollar denominated business as assets of the Underwriters’ Lloyd’s Canadian Trust Funds); 27.1.2 shall on receipt be deposited immediately by the Coverholder into a premium monies account with assets standing to the credit of that account being held in a fiduciary capacity on behalf of the Underwriters (and/or other insurers or policyholders) for the purpose of the onwards transmission of those monies (for the purposes set out at Sub- section 27.

Appears in 7 contracts

Samples: Binding Authority Agreement, Binding Authority Agreement, Binding Authority Agreement

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SEPARATE BANK ACCOUNTS. 27.1 23.1 All monies received by the Service Company Coverholder from or on behalf of the Underwriters shall be received by the Service Company Coverholder in a fiduciary capacity and: 27.1.1 23.1.1 shall be received by the Service Company Coverholder as assets of the Underwriters’ Lloyd’s Premiums Trust Funds (or, in the case of U.S. Dollar denominated business as assets of the Underwriters’ Lloyd’s Dollar Trust Funds or, in the case of Canadian Dollar denominated business as assets of the Underwriters’ Lloyd’s Canadian Trust Funds); 27.1.2 23.1.2 shall on receipt be deposited immediately by the Service Company Coverholder into a premium monies account with assets standing to the credit of that account being held in a fiduciary capacity on behalf of the Underwriters (and/or other insurers and/ or policyholders) for the purpose of the onwards transmission of those monies (for the purposes set out at Sub- Sub-section 2723.

Appears in 3 contracts

Samples: Service Company Underwriting Agreement, Service Company Underwriting Agreement, Underwriting Agreement

SEPARATE BANK ACCOUNTS. 27.1 All monies received by the Coverholder from or on behalf of the Underwriters shall be received by the Coverholder in a fiduciary capacity and: 27.1.1 shall be received by the Coverholder as assets of the Underwriters’ Lloyd’s Premiums Trust Funds (or, in the case of U.S. Dollar denominated business as assets of the Underwriters’ Lloyd’s Dollar Trust Funds or, in the case of Canadian Dollar denominated business as assets of the Underwriters’ Lloyd’s Canadian Trust Funds); 27.1.2 shall on receipt be deposited immediately by the Coverholder into a premium monies account with assets standing to the credit of that account being held in a fiduciary capacity on behalf of the Underwriters (and/or other insurers or policyholders) for the purpose of the onwards transmission of those monies (for the purposes set out at Sub- section 27.the

Appears in 2 contracts

Samples: Binding Authority Agreement, Binding Authority Agreement

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SEPARATE BANK ACCOUNTS. 27.1 All monies received by the Coverholder from or on behalf of the Underwriters shall be received by the Coverholder in a fiduciary capacity and: 27.1.1 shall be received by the Coverholder as assets of the Underwriters’ Lloyd’s Premiums Trust Funds (or, in the case of U.S. Dollar denominated business as assets of the Underwriters’ Lloyd’s Dollar Trust Funds or, in the case of Canadian Dollar denominated business as assets of the Underwriters’ Lloyd’s Canadian Trust Funds); 27.1.2 shall on receipt be deposited immediately by the Coverholder into a premium monies account with assets standing to the credit of that account being held in a fiduciary capacity on behalf of the Underwriters (and/or other insurers or policyholders) for the purpose of the onwards transmission of those monies (for the purposes set out at Sub- Sub-section 27.

Appears in 1 contract

Samples: Binding Authority Agreement

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