FUNDS HELD IN TRUST definition

FUNDS HELD IN TRUST. Producer shall hold funds in a fiduciary account for business generated under this Agreement to the extent required by the insurance laws of each state in which Producer conducts business. Provided Producer is in compliance with all terms of this Agreement, Producer shall be entitled to any interest earned on said funds while so held by the Producer. CLAIMS Unless agreed to in writing, XS Specialty LLC shall have no responsibility to provide notice of any claim to any insurer, such obligation being the sole responsibility of the INSURED and/or PRODUCER ADJUSTABLE PREMIUMS Notwithstanding anything to the contrary herein set forth, in the situation where premiums for a policy or policies which have been issued cannot be fully determined in advance and where an adjustment or determination is made by an audit, retrospective rating or by interim reports are fully earned and due at the invoice date as evidenced by a XS Specialty LLC or insurance company invoice. Producer will make all reasonable efforts to collect amounts due. Producer will be relieved of responsibility for premium, so adjusted or determined, if Producer notifies XS Specialty LLC in writing within 20 days after said invoice date, stating that Producer has made diligent efforts and is unable to collect such premiums and, provided the Insurer releases XS Specialty LLC of liability for such premium. A copy of the Producer's invoice to the Insured, as well as copies of correspondence pertaining to the collection, must be sent with this notification. Failure to give XS Specialty LLC timely notice shall constitute Producer's acceptance of responsibility to pay such premiums. If commission applies to these adjustments, none will be allowed to Producer on premiums collected directly by CRC or Insurer under this provision. This section may be modified by XS Specialty, LLC as to a specific coverage if to return the item or if the insurer requires a shorter return period than 45 days. DIRECT COLLECTION If, after the expiration of sixty (60) days from the date liability was assumed by the insurance carrier, has not received payment due for the applicable coverage, XS Specialty LLC may, at its option, collect from the Insured the premium due. In the event XS Specialty LLC collects the premium or any part thereof from the Insured, Producer shall not be entitled to any commission on the premium so collected. Attempts by XS Specialty LLC to collect from the Insured shall not relieve Producer of liability to XS ...

Examples of FUNDS HELD IN TRUST in a sentence

• FINANCIAL SECURITY REQUIREMENTS; DISTRIBUTION OF FUNDS HELD IN TRUST.

• Estimated useful lives are as follows: Buildings 10 – 40 yearsBuilding improvement 10 – 20 yearsEquipment, furniture and fixtures 3 – 5 years FUNDS HELD IN TRUST BY OTHERSThe Academy is the recipient/beneficiary of several irrevocable perpetual trust arrangements which are held by others.

• The movant bears the initial burden of demonstrating the absence of a genuine dispute of material fact.Celotex Corp.

• RESTRICTED CASH AND PRIVATE PLACEMENT FUNDS HELD IN TRUST On June 23, 2015, the Trust issued an aggregate of 5,410,194 subscription receipts (the “Subscription Receipts”) at a price of $1.00 per Subscription Receipt for aggregate gross proceeds of $5,410,194.

• FUNDS HELD IN TRUST FOR OTHERS The University, in limited instances, invests funds as a custodian for other closely related parties.

• ADMINISTRATION OF FUNDS HELD IN TRUST IN CONNECTION WITH THE TOWER HAMLETS ENVIRONMENTAL TRUST (CENTRAL HILL ESTATE)David Thomas, Contracts Lawyer, Legal and Governance, introduced the report and noted that the main objective was to decide whether Corporate Committee should take responsibility of funds and land charges held in trust in connection with Tower Hamlets Environmental Trust (THET).

• OVERSIGHT OF FUNDS HELD IN TRUST BY AUXILIARIES [16 ] The campus did not exercise sufficient controls over funds held in trust by its auxiliaries.

• NOTE M - SUPPLEMENTAL CASH FLOW INFORMATION Cash paid during the year for: Interest $ 3,786 NOTE N - FUNDS HELD IN TRUST BY OTHERS The COD is named as the remainder beneficiary of certain trusts held by others.

• FUNDS HELD IN TRUST The Organization holds funds in trust for the Violence Prevention Coordinating Council (VPCC) Steering Committee.

• RESOLUTION #55-2019 RESOLUTION DIRECTING THE DISTRIBUTION OF EHC NET RETURNED SURPLUS FUNDS HELD IN TRUST BY THE ATLANTIC COUNTY MUNICIPAL JOINT INSURANCE FUND Upon motion of Mrs.