Texas agents who sell policies for the Texas wind insurance pool need to provide banking data to the association in order to begin receiving monthly direct deposit commissions.
The Texas Windstorm Insurance Association has sent a second notice to agents selling windstorm policies requesting such information from each agency.
TWIA sent out its first notice on Jan. 25. The association said it will switch to paying monthly commissions via electronic direct deposit to each agency’s bank account. There will not be any commission checks written after the switch is completed. This will be the only way for agents to receive their commission payments.
To prepare for paying commissions, TWIA needs to collect banking data from each agency. When returning the completed authorization agreement, agents are advised to submit a voided check for the account to be used for deposits.
The form for submitting data may be accessed via the TWIA Web site at http://www.twia.org/Portals/0/Documents/ACH_Information_Packet_2.pdf.
Texas Farm Bureau or Liberty Mutual agents do not need to return the form to TWIA.
Source: Texas Windstorm Insurance Association
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