The Texas Windstorm Insurance Association, the property insurer of last resort along the Texas Gulf Coast, reports that in the second quarter of 2011 it will begin paying agents’ commissions monthly.
TWIA will require agents to submit payments for gross premiums, including commissions, after which it will pay commissions to agents on a monthly basis.
To prepare for paying commissions, TWIA needs to collect banking data from each agency. Agents are asked to complete and return an authorization agreement as soon as possible.
This is not a commission change. Commission percentages (amounts) will remain the same. TWIA will simply be managing the commissions on a monthly basis and requiring that payments include commissions.
Agents for Texas Farm Bureau or Liberty Mutual do not need to return the form to TWIA.
More information and the information remittance form may be found on TWIA’s Web site at http://www.twia.org/Portals/0/Documents/ACH_Information_Packet.pdf.
Topics Catastrophe Texas Natural Disasters Agencies Windstorm
Was this article valuable?
Here are more articles you may enjoy.
Fisherman Killed by 12-Foot Alligator at Central Florida Lake 
KCC Says Isaias Insured Losses to Be $3 Billion; AM Best Calls Storm an Earnings Event 
World’s Largest Retirement Community Set to Borrow $180 Million for More Homes 
Broad AI Exclusions in Insurance Policies Could Create Uncertainty, Marsh CEO Says 
