Common use of Payments and Collection Clause in Contracts

Payments and Collection. 5.1 We are authorised to invoice, collect and receive premiums and to pay return premiums and other sums due as agents of the Insurer. This authority extends to include You in respect of placements We make on Your behalf with Kiln Group Syndicate 510 at ▇▇▇▇▇‟s 5.2 Except as provided for in Clause 5.1 You will hold premiums and pay return premiums as agents of the Client. 5.3 All premiums must be held in a Statutory or Non-Statutory Trust Account in accordance with the Rules. Premiums held as agent of the Insurer may be co-mingled with other Insurer/Client monies for as long as the Rules permit. Furthermore the Insurers‟ interests in these monies are subordinated to those of Clients where co-mingling occurs. 5.4 We will cut off our transactions on 25th of each month. We will submit an updated statement of account to You before the end of each calendar month. The account will be itemised and show the commencement date of the insurance cover or renewal date of the policy or the date of a mid-term amendment to the policy cover. You will pay all net premiums in respect of all transactions processed up to and including the 25th of the previous month. Payment may be required in respect of certain business outside these terms of credit; this must be settled on an invoice basis when advised in writing by Us in advance of the commencement date or renewal date or the date of any mid-term amendment. 5.5 You can pay the net premiums set out in the statement by the following methods: a) Electronic Funds Transfer including BACS or b) By Cheque 5.6 In the event of Your failure to settle any item or invoice within the terms of 5.4 above, and We do not agree that the item or invoice is in dispute, We reserve the right to refuse cover or to terminate cover. We shall have no responsibility for any loss which You or the Client may suffer as a result of such refusal or termination. You will be required to pay the premium for the period of cover up to the date cover is terminated within 7 days of presentation of Our invoice. 5.7 Your obligations to pay Net Premiums to Us by the due date shall not be affected by any credit agreement You have made with the Client or delays with Your accounting systems. 5.8 If there are any items on the statement that are in dispute, You must contact Us prior to the premium becoming overdue in order that the account can be paid in full. Failure to do so may lead to the cover being terminated. 5.9 We have in place procedures and controls which are designed to forestall and prevent Money Laundering. If We suspect that a supplier, customer, Client or employee is committing a Money Laundering offence as defined by the Proceeds of Crime ▇▇▇ ▇▇▇▇ We will, in accordance with Our legal responsibilities, disclose the suspicion to the National Criminal Intelligence Service.

Payments and Collection. 5.1 6.1 We are authorised to invoice, collect and receive premiums and to pay return premiums and other sums due as agents agent and trustee of each Insurer with which we place business. 6.2 Except where advised otherwise in writing by Us, each Insurer with which we have placed business on Your behalf agrees that You are also authorised to invoice, collect and receive premiums from Clients and to pay return premiums and other sums due to Clients as agent and trustee of the Insurer. This authority extends . 6.3 You shall immediately deposit all premiums received from or due to include You Clients in respect connection with this Agreement into a client bank account, operated in accordance with FCA client money rules or a bank account which is separate from Your general or operating account, used solely for the purpose of placements We make settling accounts with Us or with Insurers, or for the payment of Commissions or premium refunds or any other transaction authorised by Us or by Insurers. 6.4 Each Insurer with which we place business on Your behalf permits You to co-mingle its premiums with Kiln Group Syndicate 510 at ▇▇▇▇▇‟s 5.2 Except as provided for other premiums which are not the subject of this Agreement. Each Insurer also agrees that its interests in Clause 5.1 You will hold premiums and pay return premiums as agents such premiums, where held in a client bank account operated under FCA rules, rank subordinately to the interests of the any Client. 5.3 All premiums must be held in a Statutory or Non-Statutory Trust Account in accordance with the Rules. Premiums held as agent of the Insurer may be co-mingled with other Insurer/Client monies for as long as the Rules permit. Furthermore the Insurers‟ interests in these monies are subordinated to those of Clients where co-mingling occurs. 5.4 We will cut off our transactions on 25th of each month. 6.5 We will submit an updated a statement of account to You before the end of each calendar month. The account will be itemised and show the commencement date of the insurance cover or renewal date of the policy or the date of on a mid-term amendment to the policy covermonthly basis. You will pay all net premiums in respect of all transactions processed up to and including Net Premiums shown on the 25th statement no later than the last working day of the previous monthmonth in which the statement is received. Payment may be required in respect of certain business outside these normal terms of credit; this must be settled on an invoice basis when advised in writing by Us in advance of the commencement date policy inception or renewal date or the date of any mid-term amendmentdate. 5.5 You can pay the net premiums set out in the statement by the following methods: a) Electronic Funds Transfer including BACS or b) By Cheque 5.6 In the event of Your failure to settle any item or invoice within the terms of 5.4 above, and We do not agree that the item or invoice is in dispute, We reserve the right to refuse cover or to terminate cover. We shall have no responsibility for any loss which You or the Client may suffer as a result of such refusal or termination. You will be required to pay the premium for the period of cover up to the date cover is terminated within 7 days of presentation of Our invoice. 5.7 6.6 Your obligations to pay Net Premiums to Us by the due date shall not be affected by any credit agreement You have made with the Client or delays with Your accounting systems. 5.8 6.7 If there are any items on the statement that are in You wish to dispute, You must contact Us prior to the premium becoming overdue in order that the account can be paid in fulloverdue. Failure to do so may lead to the cover being terminated. 5.9 6.8 We reserve the right to charge interest on late payment of any sums due to Us at 3% above the Bank of England’s base rate. 6.9 You are entitled to retain interest earned on premiums held in accordance with Clause 6.3. 6.10 We have in place procedures and controls which are designed to forestall and prevent Money LaunderingLaundering and Bribery. If We suspect that a supplier, customer, Client or employee is committing a Money Laundering or Bribery offence as defined by the Proceeds of Crime ▇▇▇ ▇▇▇▇ Act 2002 and the Bribery Act 2010, We will, in accordance with Our legal responsibilities, disclose the suspicion to the National Criminal Intelligence ServiceCrime Agency or the Serious Fraud Office.