Texas Windstorm Insurance Assoc. to Begin Paying Commissions Monthly
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.
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