The Texas Windstorm Insurance Association (TWIA) will be implementing a new billing and commission system beginning Jan. 1, 2012.
In a bulletin to insurance agents, TWIA said under the new system it will assume the responsibility for paying agents’ commission. It will require agents to include payments in the amount of the total cross premium plus surcharges, with all new business and renewal applications submitted.
Agent commissions will be paid on a monthly basis.
The development of the new billing and commission system was a collaborative effort between TWIA, an agent focus group that provided input on the project and feedback that was received after the initial agent bulletin was sent to agents in March 2010.
TWIA clarified that the system change is not a commission change. Commission percentages will remain the same. TWIA will simply be managing the commissions on a monthly basis and requiring that payments include commissions.
More information on the billing and commission change can be found online at http://www.twia.org/Portals/0/Documents/Billing_Center_Bulletin.pdf.
Topics Catastrophe Texas Natural Disasters Agencies Legislation Windstorm
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