Contingent Commissions definition

Contingent Commissions means insurer payments to a broker that are based on volume, profitability or value of business placed with the insurer. This also includes overrides and incentives;
Sample 1
Contingent Commissions means any compensation paid to a Producer in relation to insurance which is contingent upon any Producer: (i) placing a particular number of policies or a dollar value of premium with an insurer; (ii) achieving a particular level of growth in the number of policies placed or a particular dollar value of premium with an insurer; (iii) meeting a particular rate of retention or renewal of policies in force with an insurer; (iv) placing or keeping a sufficient insurance business with an insurer to achieve a particular loss ratio or any other measure of profitability; (v) providing preferential treatment in the placement process, including but not limited to the giving of last looks, first looks, rights of first refusal, or limiting the number of quotes sought from insurers for insurance placements; or (vi) obtaining anything else of material value for an insurer.
Sample 1
Contingent Commissions has the meaning specified in Section 5.27(a).
Sample 1

Examples of Contingent Commissions in a sentence

  • Column 9 – Contingent Commissions PayableReport profit commissions generated from assumed reinsurance contracts due to ceding insurers.

  • The transaction price for Contingent Commissions is estimated based on all available information and is recognized over time as the Company completes its performance obligations, as the underlying policies are placed, net of a constraint.

  • Included in Ancillary Revenue are Contingent Commissions and other income.• Agency Fees: Fees separate from commissions charged directly to clients for efforts performed in the issuance of new insurance policies.• ASC 605: Legacy revenue recognition standard ASC 605, Revenue Recognition.

  • By spreading the cost of the Contingent Commissions paid by partnering Insurer Defendants across all lines regardless of whether the particular account being quoted was serviced by a Broker who received Contingent Commissions, the Insurer Defendants artificially raised the price of all lines of insurance, rather than substantially raising the cost of insurance written by their partnering Broker Defendants.

  • At no time did ULR advise Pombo that it had received Contingent Commissions, Communication Fees and other improper compensation from MetLife in connection with her insurance purchases.

  • In particular, Marsh provided its conspiring Insurers with the identity of the other conspiring Insurers; details of the other Insurers’ Contingent Commission arrangements; the amount of Contingent Commissions paid by the other Insurers; the amount of premium volume delivered or expected to be delivered to the other Insurers; and other information regarding the details of Marsh’s arrangements with the conspiring Insurers.

  • In addition to Contingent Commissions paid on the basis of new premium placements and retention, the Employee Benefit Insurer Defendants consistently paid contingent “fees.” The fees were included in the insurers’ ratemaking formulas and are consequently “built” into every employee benefit premium or employee benefit product line on which an insurer pays Contingent Commission.

  • Gallagher pushed or “steered” business to its market partners, particularly those who could provide the most Contingent Commissions, and thereby insulated them from a fully competitive market.

  • However, Marsh did not disclose and/or inadequately disclosed to Connecticut Spring that it received Contingent Commissions from insurers that created clear conflicts of interest.

  • At no time did Marsh advise Kimball that it had received Contingent Commissions, Communication Fees and other improper compensation from CIGNA in connection with his employee benefit insurance coverage.


More Definitions of Contingent Commissions

Contingent Commissions means any compensation (including commissions, fees or bonuses) paid to the Company or any of its Subsidiaries, or by the Company or any of its Subsidiaries to any Producer, in relation to insurance, which is an incentive arrangement contingent upon an agreed upon set of metrics, which may include: (a) placing a particular number of policies or a dollar value of premium with a Carrier, (b) achieving a particular level of growth in the number of policies placed or in the dollar value of premium with a Carrier, (c) meeting a particular rate of retention or renewal of policies in force with a Carrier, (d) placing or keeping insurance business with a Carrier with a particular loss ratio or other measure of profitability, (e) achieving loss ratios generated by any insurance program that the Company or any of its Subsidiaries administers for a Carrier, (f) participating in any underwriting gains or losses or (g) bearing a portion of the total insurance risk placed through any insurance program to be administered by the Company or any of its Subsidiaries for any Carrier.
Sample 1
Contingent Commissions means insurer payments to a Broker that are based on volume, profitability or value of business placed with the insurer. This also includes overrides and incentives;
Sample 1
Contingent Commissions means all commissions on renewal of Insurance ---------------------- Accounts (including any additions to Insurance Accounts existing at Closing). "Pro Forma Pretax Profits" means earnings before interest, taxes, ------------------------ amortization, and management fees. For purposes of calculating Pro Forma Pretax Profits, the amount of Contingent Commissions used in the calculation will be determined by negotiation of the parties in good faith and only those staffing or employee changes effectuated prior to the Closing Date will be considered in determining Pro Forma Pretax Profits. The parties agree that the Pro Forma Pretax Profits as of the close of business on December 31, 1998 are $513,092.00 as reflected on the Pro Forma Financial Statements a copy of which are attached as EXHIBIT 1.5.
Sample 1
Contingent Commissions means any compensation paid or other value given to the Company or any of its Subsidiaries in relation to insurance which is contingent upon: (i) placing a particular number of policies or a dollar value of premium with an insurer; (ii) achieving a particular level of growth in the number of policies placed or a particular dollar value of premium with an insurer; (iii) meeting a particular rate of retention or renewal of policies in force with an insurer; or (iv) placing or keeping a sufficient insurance business with an insurer to achieve a particular loss ratio or any other measure of profitability.
Sample 1
Contingent Commissions means commission payments due to Seller related to the underwriting profitability of policies originated by the Companies pursuant to the General Agency Agreement dated July 1, 2000 and subsequent memoranda of understanding between Praetorian Financial Group, Inc. and its affiliates and the Companies.
Sample 1
Contingent Commissions means for any specified period the amount of incentive bonuses, overrides and contingent commissions payable from insurance companies that can be accrued and recorded as earned during the applicable period in accordance with applicable revenue recognition rules under Agreed Upon GAAP.
Sample 1

Related to Contingent Commissions

  • Leasing Commissions means leasing commissions incurred by Borrower in connection with leasing any Mortgaged Property or any portion thereof (including renewals of existing Leases).

  • Joint Commission means the accrediting body whose standards are referred to in these Bylaws.

  • Planning Commission means the City’s Planning Commission.

  • Selling Commissions means any and all commissions payable to underwriters, dealer managers or other broker-dealers in connection with the sale of Shares, including, without limitation, commissions payable to the Dealer Manager.

  • Commitment Commission shall have the meaning provided in Section 3.01(a).

  • Ceding Commission shall have the meaning specified in Section 5.2.

  • Securities Commissions means collectively, the applicable securities commission or securities regulatory authority in each of the Qualifying Jurisdictions;

  • Redevelopment Commission means the Fishers Redevelopment Commission.

  • Selling Commission means three percent (3%) of the gross proceeds of Shares sold pursuant to this Agreement, or as otherwise agreed between the Company and the Agent with respect to any Shares sold pursuant to this Agreement.

  • the Commission means the Charity Commission for England and Wales;

  • Canadian Securities Commissions means the securities commissions or similar securities regulatory authorities in each of the provinces and territories of Canada;

  • Finance commission means the Finance Commission of Texas.

  • Diocesan Schools Commission means the education service provided by the diocese, which may also be known, or referred to, as the Diocesan Education Service.

  • State Information Commission means the State Information Commission constituted under sub-section (1) of section 15;

  • Michigan state housing development authority means the public body corporate and politic created by Section 21 of the State Housing Development Authority Act of 1966, 1966 PA 346, MCL 125.1421.

  • Community Association Dues, Fees, and Assessments means all dues, fees, assessments and other charges that are imposed on Borrower or the Property by a condominium association, homeowners association or similar organization.

  • Virginia Stormwater Management Program authority or "VSMP authority" means an authority approved by the State Board after September 13, 2011, to operate a Virginia Stormwater Management Program.

  • Stormwater management planning agency means a public body authorized by legislation to prepare stormwater management plans.

  • Nuclear Regulatory Commission (NRC) means the U.S. Nuclear Regulatory Commission or its duly authorized representatives.

  • Qualifying Expenditures means those expenditures for energy conservation measures that have a simple payback period of not less than one year and not more than 10 years and expenditures for the above-market costs of new renewable energy resources, provided that the Oregon Department of Energy may establish by rule a limit on the maximum above-market cost for renewable energy that is allowed as a credit.

  • Commissions means the Alberta Securities Commission and the British Columbia Securities Commission;

  • Approved Occupational Superannuation Fund means a superannuation fund which complies with the Occupational Superannuation Standards Act, 1987.

  • City Commission means the legislative body of the City of Miami.

  • Railways Commission means the Western Australian Government Railways Commission established pursuant to the Government Railways Xxx 0000;

  • Investment authority means the responsibility conferred by action of law or a provision of an appropriate governing instrument to make, select or change investments, review investment decisions made by others, or to provide investment advice or counsel to others;

  • Commission Comments means written comments pertaining solely to Rule 415 which are received by the Company from the Commission, and a copy of which shall have been provided by the Company to the Holder, to a filed Registration Statement which limit the amount of shares which may be included therein to a number of shares which is less than such amount sought to be included thereon as filed with the Commission.