Common use of Commission Statements Clause in Contracts

Commission Statements. MGA shall issue electronic commission statements to the Agency or Agent by the last day of each calendar month detailing the Agency's or Agent's policy and commission activity for each line of Company Business for all Assumed Policies serviced during the previous calendar month. The statements shall include identification of the policies serviced, premiums written, commissions due hereunder, and the amount due the Agency or Agent (or amounts due MGA or otherwise withheld by MGA). Agency’s or Agent’s failure to pay any amount due MGA pursuant to such commission statements may result in immediate termination of this Agreement by MGA.

Commission Statements. MGA shall issue electronic commission statements to the Agency or Agent by the last day of each calendar month detailing the Agency's or Agent's policy and commission activity for each line of Company Business for all Assumed Policies serviced policies issued during the previous calendar month. The statements shall include identification of the policies servicedissued or renewed, premiums written, total collected written premium, commissions due hereunder, and the amount due the Agency or Agent (or amounts due MGA or otherwise withheld by MGA). Agency’s or Agent’s failure to pay any amount due MGA pursuant to such commission statements may result in immediate termination of this Agreement by MGA.