Premium Financing. With respect to Policies, MGA shall have the authority to enter into agreements with premium finance companies (“PFCs”), to receive notices of premium financing, to receive proceeds of premium financing, and to receive and act upon notices and requests of cancellations from PFCs. The MGA shall not delegate this authority to any Agent. Subject to the PFCs contracts with the insureds and applicable laws and regulations of each Authorized Territory, and to the extent of the contract balances due the PFCs from the insureds, the MGA shall return all unearned premium directly to the PFCs to the extent held by MGA and shall cause the Agents to return all unearned commission to the PFCs to the extent held by the Agents.
Appears in 3 contracts
Sources: Managing General Agency Agreement (Exzeo Group, Inc.), Managing General Agency Agreement (Exzeo Group, Inc.), Managing General Agency Agreement (Exzeo Group, Inc.)
Premium Financing. With respect to Policies, MGA shall have the authority to enter into agreements with premium finance companies (“PFCs”), to receive notices of premium financing, to receive proceeds of premium financing, and to receive and act upon notices and requests of cancellations from PFCsPPCs. The MGA shall not delegate this authority to any Agent. Subject to the PFCs contracts with the insureds and applicable laws statutes (e.g. F.S. §627.848) and regulations of each Authorized Territoryrules, and to the extent of the contract balances due the PFCs from the insureds, the MGA shall return all unearned premium directly to the PFCs to the extent held by MGA and shall cause the Agents to return all unearned commission to the PFCs to the extent held by the Agents.
Appears in 1 contract
Sources: Managing General Agency Agreement (Homeowners Choice, Inc.)