Definition of backdating insurance coverage

Policies need to be issued within 60 days of the close of the fiscal year (Dec 31).

Other factors to keep in mind Please reference this complete list of current countries; however, remember that this means that no coverage can take effect until premium is received in country – not to the broker, nor to the US operations of any carrier.Many local and in-country carriers will request cash before cover if the regulations are not as clear.What process should be in place to ensure that premiums are paid in time?In other words, an insurance policy cannot be incepted until premium payment is received by the insurer(s).This means, of course, that insurers will not guarantee any commitment to insurance cover, nor can coverage be confirmed until the relevant insurers receive all related premium payments from the insured.Policies will not be issued if the producing office request is not confirmed within 180 days from the inception date AIG-Shenzhen-Due to Cash before Cover requirement, policy backdating is not allowed AIG-Zhejiang-Due to Cash before Cover requirement, policy backdating is not allowed Yes Backdating permitted up to 3 months.

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