Premium Trust Account definition

Premium Trust Account means any “deposit account” (as defined in the Code) established to comply with Requirements of Law that require a Person (in their capacity as a “trustee” or “fiduciary”) to separately collect and maintain insurance policyholder premiums for the benefit of third-party policyholders who paid such premiums, along with merchant payment processing accounts used exclusively for processing the receipt of such payments and which funds are periodically swept into such deposit account.
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Premium Trust Account has the meaning set forth in Article V.B hereof.
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Premium Trust Account means the account established with the Trustee to hold all Reinsurance Premiums payable under this Treaty.
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Examples of Premium Trust Account in a sentence

  • Monies held under a risk transfer agreement will be held in an Insurer Premium Trust Account In circumstances where we do not have a risk transfer agreement with insurers you will be asked to pay the insurer directly.

  • The Bristol West Premium Trust Account may be used only for the purpose of the deposit of insurance premiums on behalf of my insured policy holders.

  • A Warrant Share Delivery Failure (as defined above) occurs and remains uncured for a period of more than twenty (20) days.

  • At the end of each month, the Company shall produce an accounting detailing all premiums collected and deposited into the Premium Trust Account.

  • The Agency shall promptly deposit all funds collected on behalf of the Company in a Premium Trust Account.

  • The Agency shall not use or convert money that is deposited or should have been deposited to the Premium Trust Account, except as provided in this Agreement.

  • Producer is obligated to maintain premiums in a fiduciary capacity subject to all applicable legal requirements and all premiums held by Producer shall be maintained in a properly constituted Premium Trust Account.

  • The Agency may pay such commission and listed deductions directly from the Premium Trust Account without further authorization.

  • It shall be the responsibility of County to determine if changes in the accounting policies for the Premium Trust Account are needed and/or appropriate.

  • The Premium Trust Account shall be maintained in an amount at least equal to the premiums (unpaid to Company), and return premiums (unpaid to policyholders or insureds) collected by or due from Agent.


More Definitions of Premium Trust Account

Premium Trust Account means the account into which premiums are deposited for the Plan.
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