... within the next business day of receipt. 4.2 When receiving mixed remittance, i.e. part client monies and part other monies (e.g. commission), in one payment, deposit the full amount into the client accounts. 4.3 Hold own monies of the insurance brokers in client accounts ONLY when the monies are:- (a...

... that there is an agency relationship, or a full agency relationship, between them, which will, for instance, entitle A to reimbursement by B of expenses incurred on behalf of B. The various types of authority that an agent may have are considered below: (a) Actual authority: The authority of an agent...

..., but distinct from, the issue of agency relationship. Where a certain act done by A purportedly on behalf of B will be binding on B, A is said to have B’s authority to do it; but that does not necessarily mean that there is an agency relationship, or a full agency relationship, between them, which will...

... which insurance business is conducted. In this issue, we present the statistics for complaints received by the IA for both the full year 2020 and the first quarter 2021. In our Practice section, we take a look at the regulatory issues which emerge when licensed individual insurance agents promote...

... contract and then issuing ILS to investors to collateralize the risk acquired. A company will need to meet certain requirements in order to be authorized by the IA as an SPI, including – (a) the company will be fully-funded, meaning that the full liabilities of the company to the cedant must be fully...

... which insurance business is conducted. In this issue, we present the statistics for complaints received by the IA for both the full year 2020 and the first quarter 2021. In our Practice section, we take a look at the regulatory issues which emerge when licensed individual insurance agents promote...

... be) such a controller, director or partner, was the business entity compulsorily wound up, or did the business entity make any compromise or arrangement with its creditors, or cease trading in circumstances where its creditors did not receive or have not yet received full settlement of their claims...

... excluding any supplementary benefits as shown in Section 2 (if applicable) and assume that all premiums are paid in full when due. You should refer to your licensed insurance intermediary or the company for more information or, if appropriate, a more detailed proposal. [if applicable] (ii) The amount of...