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Circular INS-C04/13 - Collection And Analysis of Premiums

The Commission wishes to remind brokers that pursuant to Section 94 of the Act, all premiums received on behalf of an insurer must be paid over to the insurer within 15 days of receipt or such period shorter or longer as may be agreed in advance by the insurer. The Commission expects that agreements reducing or extending the transmittal of premiums between the insurance company and the broker will be in writing and provided to the Commission on request.

The Commission further wishes to remind brokers that pursuant to section 99 of the Act, each broker is required to maintain an analysis of premiums payable to insurers by the number of days outstanding “aged premium analysis” and this analysis should be made available to the Commission on request. The Commission wishes to inform brokers that over the next 90 days, an industry wide review of compliance with this requirement will be conducted.