Fiduciary Obligation. The General Agent shall act for and on behalf of the Company in collecting and receiving funds from insureds, reinsurers, and sub-agent under this Agreement. All such funds shall be received by the General Agent in a fiduciary capacity, and shall be deposited, in the name of or for the benefit of the Company, in a separate account, and shall not be commingled in any manner or fashion with funds belonging to the General Agent or any third party.
Appears in 2 contracts
Samples: Agency Agreement (Republic Companies Group, Inc.), Agency Agreement (Republic Companies Group, Inc.)
Fiduciary Obligation. The General Agent shall act for and on behalf of the Company in collecting and receiving funds from insureds, reinsurersReinsurers, and subSub-agent Agents under this Amended and Restated Agreement. All such funds shall be received by the General Agent in a fiduciary capacity, capacity and shall be deposited, deposited in the name of or for the benefit of the Company, Company in a separate accountescrow account in a bank that is a member of the Federal Reserve System and whose accounts are insured by the Federal Deposit Insurance Corporation, and shall not be commingled in any manner or fashion with funds belonging to the General Agent or any third party.
Appears in 2 contracts
Samples: Managing General Agency Agreement, Managing General Agency Agreement (Republic Companies Group, Inc.)
