PREMIUM BILLING. The Broker and Company agree to account for and pay all premium balances in accordance with regulatory requirements and the following procedure: Premiums received (collected) by the Broker will be segregated and cleared through a premium trust account with disbursement from such account limited to commissions and premium payments. The total premium shall be received by the Company prior to the issuance of a certificate of insurance and/or binding coverage.
Appears in 3 contracts
Sources: Broker/Agency Agreement, Brokerage Agreement, Brokerage Agreement