STANDARDS FOR TRANSACTIONS Clause Samples
The "Standards for Transactions" clause establishes the specific rules, protocols, or criteria that must be followed when conducting transactions under the agreement. It typically outlines the technical, procedural, or quality standards that both parties must adhere to, such as data formats, security requirements, or compliance with industry regulations. By setting these standards, the clause ensures consistency, reliability, and legal compliance in all transactions, thereby reducing the risk of disputes and misunderstandings between the parties.
STANDARDS FOR TRANSACTIONS. (Note: This Article pertains only to providers or vendors billing for services.)
STANDARDS FOR TRANSACTIONS. This Agreement and the transactions pursuant to this Agreement shall be subject to the standards set forth in the Insurance Holding Company Act of Nebraska and, when applicable, related provisions of the Nebraska Administrative Code. Such standards shall include but not be limited to the requirements that:
A. The terms shall be fair and reasonable;
B. Charges or fees for services performed shall be reasonable;
C. Expenses incurred and payment received shall be allocated to the Parties in conformity with customary insurance accounting practices consistently applied; and
D. The books, accounts, and records for each Party to all such transactions shall be so maintained as to clearly and accurately disclose the nature and details of the transactions, including such accounting information as is necessary to support the reasonableness of the charges or fees to the respective Parties.
E. No insurer covered by this Agreement shall advance funds to any affiliate covered under this Agreement except to pay for services described in this Agreement.
F. An insurer covered by this Agreement will maintain oversight for functions provided to it by an affiliate under this Agreement. Specifically, the insurer will monitor the services provided to it annually for quality assurance.
STANDARDS FOR TRANSACTIONS. This Agreement and the transactions pursuant to this Agreement shall be subject to the standards set forth in the Insurance Holding Company Acts of the respective jurisdictions as applicable. Such standards shall include but not be limited to the requirements that:
A. The terms shall be fair and reasonable;
B. Charges or fees for services performed shall be reasonable;
C. Expenses incurred and payment received shall be allocated to the Parties in conformity with customary insurance accounting practices consistently applied; and
D. The books, accounts, and records for each Party to all such transactions shall be so maintained as to clearly and accurately disclose the nature and details of the transactions, including such accounting information as is necessary to support the reasonableness of the charges or fees to the respective Parties.
STANDARDS FOR TRANSACTIONS. This Agreement and the transactions pursuant to this Agreement shall be subject to the standards set forth in the Nebraska Insurance Holding Company Act. Such standards shall include but not be limited to the requirements of the insurance laws and regulations that provide that:
A. The terms shall be fair and reasonable;
B. Charges or fees for services performed shall be reasonable;
C. Expenses incurred and payment received shall be allocated to the Parties in conformity with customary insurance accounting practices consistently applied; and
D. The books, accounts, and records for each Party to all such transactions shall be so maintained as to clearly and accurately disclose the nature and details of the transactions, including such accounting information as is necessary to support the reasonableness of the charges or fees to the respective Parties.