Common use of Business Procedures Clause in Contracts

Business Procedures. a) Unless specifically agreed otherwise, in writing, by Us and You, all business placed by You with Us will be billed by Us and the following procedure will apply: i) The business submitted by You must comply with Our underwriting and administrative rules which rules are subject to change by Us in Our sole discretion and will be posted on the Agent Portal as it may be modified or amended from time to time. ii) Upon Your determination that the business meets Our underwriting and administrative rules, the completed application together with initial down payment, as applicable, without deduction of commission shall be submitted in accordance with Our policies and procedures as set forth on the Agent Portal. iii) Unless specifically agreed otherwise, in writing, by Us and You, we will be responsible for all premium billing and collection. In the event You collect any premiums on Our business, except down payments, other than as agreed in writing by Us and You, You will promptly account therefor and transmit to Us, as directed by Us within two (2) business days of receipt, the full amount so collected without making any deduction for any purpose. iv) Unless agreed otherwise by You and Us, all applications, including down payments, and all other materials required by law and/or by Us to effectuate, select, elect, reject or change coverage(s) with Us, shall be submitted to Us by You within five (5) business days of receipt by You. b) You shall keep full and accurate records of the business transacted by You under this Agreement and shall make Your records relating to Our business, including but not limited to financial and policy records, available to Us for inspection and audit. In addition, You shall forward to Us such reports of said business as We may reasonably prescribe from time to time. The parties agree that, following reasonable advance written notice to You, We may review, inspect and audit the records relating to Our business so maintained by You, in person at an office of Yours during ordinary business hours or at such place as We and You elect. Any review, inspection or audit conducted by Us at a site other than an office of You, shall be accomplished by Your sending the requested records to Us, via mail, facsimile or the internet, or such other manner of delivery, as We may direct from time to time. Any extraordinary costs of delivery will be borne by Us upon Our prior approval. c) In addition, You agree to the following business procedures: i) You will retain complete and accurate records of the information contained in the original application and documentation of any subsequent changes. ii) You, in accord with Our policies and procedures , will order and retain all information contained in motor vehicle records (MVRs) and investigative reports (i.e. C.L.U.E. reports, PFM, etc.). iii) You, in accord with Our policies and procedures, will provide Your applicants with all appropriate notices and/or authorizations as You are required to provide by applicable state and/or federal law, including the Fair Credit Reporting Act and the Financial Services Modernization Act. iv) Any and all records maintained by You pursuant to this Agreement, shall be maintained for no less than the period of time set by Our Record Retention schedule.