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

  • Payment of premiums is due on the 20th of each month by online banking direct to our Premium Trust Account number: 06-0507-0176929-02.

  • Some of the premiums were sent directly to American Chambers and then deposited directly into its Premium Trust Account.

  • The appellants have not suggested that the report is an exception to the hearsay rule, and we are unable to locate one that applies.10¶53 We recognize the severity of the circuit court’s sanctions.

  • American Chambers was granted the authority to sweep the premiums from Protective's lockbox and deposit them in the American Chambers' Premium Trust Account to pay claims.

  • The Fund shall make available to the public copies of its report on procurement contracts upon reasonable request therefore.

  • 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.

  • Indeed, these regulations make clear that while U.S. Auto owes a fiduciary duty when holding money on behalf of State and County, that duty is limited to instances when U.S. Auto deposits money into the Premium Trust Account.

  • Count III – “declaratory relief determining that Plaintiff is entitled to the amount of$1,042,684.93, in the aggregate, from funds in the WIS Premium Trust Claim Account and WS Premium Trust Account, and to turn over the balance to Defendant.” Id. ¶ 72 (emphasis added).

  • 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 Buyer shall under no circumstances deny the Seller access to such documents and/or refuse copies to be produced or reject sampling/sounding of the bunker tanks.


More Definitions of Premium Trust Account

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

  • Trust Account means the trust account established by the Company upon the consummation of its IPO and into which a certain amount of the net proceeds of the IPO, together with a certain amount of the proceeds of a private placement of warrants simultaneously with the closing date of the IPO, will be deposited.

  • Trust Accounts has the meaning assigned thereto in Section 5.1.

  • Trust Account Property means the Trust Accounts, all amounts and investments held from time to time in any Trust Account (whether in the form of deposit accounts, Physical Property, book-entry securities, uncertificated securities or otherwise), and all proceeds of the foregoing.

  • Collection Account means the account designated as such, established and maintained pursuant to Section 5.1.

  • Principal Funding Account shall have the meaning specified in subsection 4.03(a)(i).

  • Custodial Account The separate account or accounts created and maintained pursuant to Section 4.04.

  • Interest Collection Account A Securities Account created and maintained on the books and records of the Securities Intermediary entitled “Interest Collection Account” in the name of the Borrower and subject to the prior Lien of the Collateral Agent for the benefit of the Secured Parties.

  • Retention Account means, an interest bearing USD account in the name of the Borrowers opened or (as the context may require) to be opened by the Borrowers with the Bank and includes any sub-accounts thereof and any other account designated in writing by the Bank to be the Retention Account for the purposes of this Agreement;

  • Payment Account means a segregated non-interest-bearing corporate trust account maintained by the Property Trustee with the Bank in its trust department for the benefit of the Securityholders in which all amounts paid in respect of the Debentures shall be held and from which the Property Trustee shall make payments to the Securityholders in accordance with Sections 401 and 402.

  • Distribution Account means the Bank Account (which may be a current, saving or deposit account) maintained by the Trustee with a Bank as directed by the Management Company in which the amount required for distribution of income to the Unit Holder(s) shall be transferred. Interest, income or profit, if any, including those accruing on unclaimed dividends, in this account shall be transferred to the main account of the Fund from time to time, as part of the Trust Property for the benefit of the Unit Holder(s).

  • Prefunding Account The separate Eligible Account created and maintained by the Trustee pursuant to Section 3.06(g) in the name of the Trustee for the benefit of the Certificateholders and designated “U.S. Bank National Association, in trust for registered holders of Home Equity Asset Trust 2004-2, Home Equity Pass-Through Certificates, Series 2004-2. Funds in the Prefunding Account shall be held in trust for the Certificateholders for the uses and purposes set forth in this Agreement and shall not be a part of any REMIC created hereunder; provided, however, that any investment income earned from Permitted Investments made with funds in the Prefunding Account shall be for the account of the Depositor.

  • Transaction Account means a cash account established and maintained by Repo Custodian for the Funds to effect repurchase transactions pursuant to the Master Agreement.

  • Distribution Accounts Collectively, the Upper-Tier REMIC Distribution Account, the Lower-Tier REMIC Distribution Account, the Excess Interest Distribution Account (and in each case any subaccount thereof), all of which may be subaccounts of a single Eligible Account.

  • Principal Funding Account Investment Proceeds shall have the meaning specified in subsection 4.03(a)(ii).

  • Investment Account As defined in Section 3.12(a).

  • Certificate Distribution Account has the meaning assigned to such term in the Trust Agreement.

  • Interest Account means the Account within the Debt Service Fund so designated and established by Article V hereof.