CLIENT MONIES. Where any monies are held in Form-A-Co’s Client Account for an intermediary period, no interest will be paid unless otherwise agreed.
CLIENT MONIES. This clause is subject to any legal or regulatory requirements or Rules to the contrary (including but not limited to any FCA regulations) or requirements and obligations arising by reason of any contractual arrangement or agency between the Us or You and any Insurer, which pre-dates this agreement. When We receive any monies from You or hold money due to You, it will be held by Us in one of two ways
CLIENT MONIES. We will hold client monies (generally premium and claims monies we receive and hold on behalf of our clients in the course of carrying on insurance mediation activities) in segregated non-statutory trust accounts, established and maintained in accordance with Client Assets rules of the Financial Conduct Authority, or as designated client money investments permitted by the rules. Where we consider it appropriate, the rules permit us to use monies from our non-statutory trust accounts for short- period funding of premium and claims settlements on behalf of clients. We will retain for our own use, any interest we earn on client monies passing through our bank accounts and any investment returns we make on permitted designated investments. In certain circumstances, we may receive and hold insurance monies as agent for the insurer(s)/underwriter(s), for example where business is accepted under a binding authority. We will advise you beforehand where this situation applies. Client Assets rules allow such insurance monies to be co-mingled with client monies subject to certain criteria being met, including inter-alia, those that insurers/underwriters rank as a second preferred creditor in the event of a default.
CLIENT MONIES. 9.1 We will hold money on your account. That money will be held in trust in a client bank account which is segregated from the Company accounts.
CLIENT MONIES. This clause is subject to any legal or regulatory requirements to the contrary (including but not limited to any FSA regulations or requirements and obligations arising by reason of any contractual arrangement or agency between the broker or sub-broker and any insurer which pre-dates this agreement)". The Broker will hold all regulated Client and where permitted (re)insurer monies in a (non)statutory trust in accordance with the FSA Rules (In the United Kingdom) The Sub-Broker will hold all Client and (re)insurer monies in a (non)statutory trust in accordance with the FSA Rules (In another EEA Member State) The Sub-Broker will hold Client and insurer monies in accordance with any rules laid down by the home supervisory authority (Outside the EEA) The Sub-Broker will hold client and insurer monies in accordance with any rules laid down by the Home supervisory authority. Where no such regulations exist, the Sub-Broker will hold such funds in a segregated account separate from any other account but not specific to this Agreement, in an amount at least equal to the premiums and return premiums, net of commissions, received by him and unpaid to the persons entitled thereto.
CLIENT MONIES. Any of the Client’s reservation/commitment/deposit monies paid directly to Xxxx Xxxxxx Property Ltd. in relation to a Deal will be held in trust in a client account, segregated from Xxxx Xxxxxx Property Ltd. funds. No interest will be payable to the Client on funds held in the Client bank account. Should a refund of reservation/commitment/deposit monies be required, Xxxx Xxxxxx Property Ltd. will only refund such monies held, back to the originator account.
CLIENT MONIES. 3.1 Subject to Applicable Law, we may deposit any cash held in any Accounts in one or more segregated account(s) with any financial institution.
CLIENT MONIES. We will hold client monies (generally premium and claims monies we receive and hold on behalf of our clients in the course of carrying on insurance mediation activities) in line with a strict agency agreement known as a ‘Risk Transfer’, which is when an insurance intermediary such as us acts as agent for an insurer to receive and handle premiums, claims money and premium refunds. The insurer bears the risk for any losses that may arise from the failure of an intermediary to make a transfer of premiums, claims money or premium refunds. Such failure could occur, for example, because it is lost through either party’s insolvency. Any interest we earn on client money and any investment returns will be retained by us for our own use. In some cases your premium may be paid to someone other than your insurer - for instance we may pay your premium to another broker who has arranged the policy. If this is the case we will use appropriate skill, care and judgment in our selection of third parties in order to ensure adequate protection of client money. OUR REMUNERATION Our remuneration will be a commission, which is a percentage of insurance premiums, paid by you and allowed to us by the insurer with whom the insurance contract is placed. We may also receive commission for any finance agreement entered into by you for the payment of your premium. You have the right to request details of all insurance commissions earned by us. If appropriate, and with your consent, we may receive a fee and commission.
CLIENT MONIES. 8.1 When IML is in receipt of client monies these will initially be held in individual segregated client bank accounts, with a bank nominated by Intelligent Money Trustees Limited.
CLIENT MONIES. When in receipt of client monies this will initially be held in individual segregated client bank accounts, with a bank nominated by Intelligent Money Trustees Limited or Intelligent Money Nominees Limited, as appropriate.
