Common use of SEPARATE BANK ACCOUNTS Clause in Contracts

SEPARATE BANK ACCOUNTS. 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 on behalf of the Underwriters and shall be:- 28.1 deposited immediately into an account separate from the Service Company Coverholder’s general or operating account for onward transmission for the purposes set out in 28.3 and shall not be otherwise held or retained; 28.2 identified in the Service Company Coverholder’s book of account, separately from other funds held by the Service Company Coverholder; 28.3 used solely for the purpose of settling accounts with the Underwriters or the payment of the commissions, premium refunds, claims or any other transaction authorised by the Underwriters.

SEPARATE BANK ACCOUNTS. 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 on behalf of the Underwriters and shall be:- 28.1 33.1 deposited immediately into an account separate from the Service Company Coverholder’s general or operating account for onward transmission for the purposes set out in 28.3 33.3 and shall not be otherwise held or retained; 28.2 33.2 identified in the Service Company Coverholder’s book of account, separately from other funds similarly held by the Service Company CoverholderCoverholder for other insurers; 28.3 33.3 used solely for the purpose of settling accounts with the Underwriters or the payment of the commissions, premium refunds, claims or any other transaction authorised by the Underwriters.

SEPARATE BANK ACCOUNTS. 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 on behalf of the Underwriters and shall be:- 28.1 33.1 deposited immediately into an account separate from the Service Company Coverholder’s general or operating account for onward transmission for the purposes set out in 28.3 33.3 and shall not be otherwise held or retained; 28.2 33.2 identified in the Service Company Coverholder’s book of account, separately from other funds similarly held by the Service Company CoverholderCoverholder for other insurers; 28.3 33.3 used solely for the purpose of settling accounts with the Underwriters or the payment of the commissions, premium refunds, claims or any other transaction authorised authorized by the Underwriters.