Correspondents. 4.1 The provision describes the basic principle governing the approval of correspondents: i.e. each Bureau is free to establish – whilst acting within the limits of its national law ( e.g. prohibition of accrediting loss adjusters) – the conditions under which it grants, denies or withdraws approval to correspondents established in the country for which it is competent. It follows on from this principle that each Bureau shall produce a document accessible on request to all candidates for the position of correspondent established in its country. This is without prejudice to those conditions that are laid down by national law. (For reasons of transparency, it is recommended to display the document on the website of each Bureau.) This document describes all the qualifications required to perform this function. Nonetheless, since the Green Card System was established by the insurers, it is important for the Bureaux to respond to their wishes whilst abiding by their national law. The General Assembly of the Council of Bureaux (2009) has approved the use of the following three documents by Bureaux: 1) a model correspondents’ charter 2) a model handling and payment agreement and 3) rules for outsourcing. These documents can be adapted by the Bureaux to their own specific situation. The above documents approved by the General Assembly can be consulted on the Council of Bureaux extranet. In this regard it should be noted that each Bureau must abide by the principle of non-discrimination i.e. it cannot impose, without justification, on certain correspondents alone, conditions or charges (e.g. surety deposits) which would not be imposed on others. Furthermore, should a Bureau require the payment of certain amounts by correspondents, the same criterion of non-discrimination shall apply and the amounts charged shall be related to services actually provided on a non-profit making basis by the Bureau.
Correspondents. 4.1 Subject to any agreement to the contrary binding it to other Bureaux and/or to any national legal or regulatory provisions, each Bureau shall, with complete autonomy, set out the conditions under which it grants, refuses or withdraws its approval to correspondents established in the country for which it is competent. Each Bureau has at any time the right to exercise control over correspondents established in the country for which it is competent. However, this approval shall be granted when requested in the name of a member of another Bureau for any establishment of this member in the country of the Bureau receiving the request provided that such establishment transacts insurance against civil liability in respect of the use of motor vehicles.19
Correspondents. Any written correspondent banking contracts.
Correspondents. Any act, error, neglect, default, insolvency or failure in business of any of your correspondents, or of correspondents of your correspondents except that any such correspondent shall be liable, if at all, solely for its own bad faith or gross negligence, or if and solely to the extent required by law and not disclaimable, for its own negligence; (xi)
Correspondents. 4.1 The provision describes the basic principle governing the approval of correspondents: i.e. each Bureau is f ree to establish – whilst acting within the limits of its national law ( e.g. prohibition of accrediting loss adjusters) – the conditions under which it grants, denies or withdraws approval to correspondents established in the country for which it is competent. It follows on f rom this principle that each Bureau shall produce a document accessible on request to all candidates for the position of correspondent established in its country. This is without prejudice to those conditions that are laid down by national law. (For reasons of transparency, it is recommended to display the document on the website of each Bureau.) This document describes all the qualif ications required to perform this function. Nonetheless, since the Green Card System was established by the insurers, it is important for the Bureaux to respond to their wishes whilst abiding by their national law. The General Assembly of the Council of Bureaux (2009) has approved the use of the following three documents by Bureaux: 1) a model correspondents' charter 2) a model handling and payment agreement and 3) rules for outsourcing. These documents can be adapted by the Bureaux to their own specific situation. The above documents approved by the General Assembly can be consulted on the Council of Bureaux extranet. In this regard it should be noted that each Bureau must abide by the principle of non-discrimination i.e. it cannot impose, without justification, on certain correspondents alone, conditions or charges (e.g. surety deposits) which would not be imposed on others. Furthermore, should a Bureau require the payment of certain amounts by correspondents, the same criterion of non-discrimination shall apply and the amounts charged shall be related to services actually provided on a non-profit making basis by the Bureau. In the document laying down the conditions for correspondents, the Bureaux shall also address the matter of the withdrawal of the approval. This is a sensitive matter which should be approached with caution as any withdrawal might result in f inancial consequences for the entity concerned. Each Bureau shall accept responsibility for the consequences of any litigation ensuing from a withdrawal judged to be unfair. While each Bureau is f ree to unilaterally establish the conditions for granting or withdrawing such approval, the Internal Regulations also provide the Bureaux...
Correspondents. Any rights, remedies, duties or obligations granted -------------- or undertaken by Company to Agent or any corre-spondent in any application for any Letter of Credit, or any other agreement in favor of Agent or any correspondent relating to any Letter of Credit, shall be deemed to have been granted or undertaken by Company to Agent. Any duties or obligations undertaken by Company to Agent or any correspondent in any application for any Letter of Credit, or any other agreement by Agent or any Bank in favor of Agent or any correspondent relating to any Letter of Credit, shall be deemed to have been undertaken by Company to Agent and Banks and to apply in all re-spects to Company. (h)
Correspondents. Schedule 3.24 sets forth a list of each Company’s Correspondents and the number of transactions and dollar amount of remittances which each such Correspondent represented during the twelve month period ended May 31, 2009. All accounts with Correspondents have been settled in the Ordinary Course of Business, provided, that, in the event that there is a discrepancy or discrepancies in the settlement of any account between a Company and a Correspondent, as the case may be, no such discrepancy or discrepancies exceeds $25,000 in the aggregate.
Correspondents. LANCER shall select an individual(s) who shall act as its correspondent
Correspondents. Instead of issuing a Payment Instrument itself, the Bank may arrange to have the Payment Instrument issued by a third party correspondent (including any Bank Group Member) and the Company acknowledges that the Bank will enter into a binding reimbursement, indemnity or similar obligation in favour of that correspondent which corresponds to the reimbursement obligation referred to in clause 3.3 (Reimbursement). The Bank confirms that if requested by the Company the Bank will arrange for Payment Instructions to be issued by an NAIC Qualified Institution or an institution satisfying the requirements of any other applicable regulatory authority identified by the Company.
Correspondents. This Section Intentionally Deleted.
