BNL definition
Examples of BNL in a sentence
BNL pay us commission upon receipt of your cleared premium which may be prior to payment of the premium to the insurer.
Where money is held as agent of the insurer, this means that when BNL have received your cleared premium, it is deemed to have been paid to the insurer.
BNL hold all client monies with one or more approved banks, as defined by the FCA, in a Non-Statutory Trust bank account in accordance with the FCA client money rules.
Client money is money that BNL receive and hold on behalf of our clients during the course of our dealings such as premium payments, premium refunds and claim payments.
This money will be held by BNL either as agent of the insurer or agent of the client, determined by the agreement we and BNL have in place with each insurer.
Unless we receive your written instruction to the contrary, BNL shall treat receipt of payment from you and of any claim payment and/or refund of premium which fall due to you, as being with your informed consent to the payment of those monies into a BNL Non Statutory Trust bank account.
All client money is handled by our Affiliate, The Broker Network Limited (BNL).
Under these arrangements, BNL assume responsibility for such monies and are permitted to, and may: • Use such monies received on behalf of one customer to pay another customer’s premium, before the premium is received from that other customer.; • For the purpose of effecting a transaction on your behalf, pass your money to another intermediary, including those resident outside the UK who would therefore be subject to different legal and regulatory regimes.
Under these arrangements, BNL assume responsibility for such monies and are permitted to, and may: • Use such monies received on behalf of one customer to pay another customer’s premium, before the premium is received from that other customer.
This money will be held by BNL either as agent of the insurer or agent of the client, determined by the agreement BNL have in place with each insurer.