Account Current Billing and Payment

Agency Account Current Billing
Payment Options
Reading Your Statement
Billing Discrepancies
Past Due Accounts

Agency Account Current Billing

We have worked to make our billing procedure simple & self-explanatory. As each transaction is generated throughout the month, a “policy information” sheet is forwarded to your agency along with the insurance document. The policy information sheet provides a description of the transaction including the Gross Premium, Commission, Tax, & Fees.

Your Agency Account Current Statement consolidates all of the agency bill transactions for the month and is generated on the last day of the month when the billing cycle is closed.  The Agency Account Current Statement is available for download online at www.siuins.com. The agency principal and/or accounting contact will be notified via email when statements are available online.  Login to www.siuins.com>Agency Admin Area to update the agency profile with the most current contact information.  Payment of the Agency Account Current Statement is due by the 15th of the following month.

Payment Options

EasyPay Online

• eCheck: NO FEE!!!!
• Debit/Credit (Visa, MasterCard, Discover)

Check by Mail

• Agency
• Insured
• Mortgage Company
• Finance Company

Certified Funds

• Money Order
• Bank Check

Reading Your Statement

The following is a list of features on the format of our monthly Agency Account Current Statement (refer to image below).

1. The first column specifies the month in which the transaction was initially invoiced and appeared on the statement. For example, February 2016 is listed as 201602.
2. All policies are sorted in alphabetical order by insured name and policy number. Each policy number will have alternate shading. If there are multiple entries for an individual policy, the sum of the multiple entries will be totaled in the “Net Due” column.
3. The statement format combines the tax and fee into one total.
4. If a prepayment has been received, the payment will be reflected in the “Cash Recd” column. If the policy has SIUPREM financing, the finance credit will appear under the “SIUPREM” column.
5. The “Amount Deducted” column of the statement allows for an item to be deducted from your payment if there is an error on the statement. Please see the below section on “Billing Discrepancies”.
6. The “Reason for Deduction” should be entered in this column. Please see the below section on “Billing Discrepancies”. If an item carries forward from the previous month, the “Reason for Deduction” will be pre-printed on the statement.
7. The reconciliation item will be reviewed by the underwriting manager. A response will be forwarded to your agency. An abbreviated description of the response will be pre-printed on the next agency statement.
8. The total amount deducted should be entered on this line.
9. This area of the statement should be used to balance to the amount of your payment.
10. The statement provides the following totals:
    • Current Activity: The net total due from all transaction processed in the current month.
    • Past Due Activity: The net total due from all transactions that carried forward from your prior statement(s).
    • Total Due: The sum of the Current Activity total & the Past due Activity total, which should be remitted by the 15th of the following month.
11. To assist you in tracking your production, the statement provides the total Year to Date (YTD) Commission and Year to Date (YTD) Premium on each month’s Agency Account Current Statement.
12. This section will indicate phone number for the Accounting Department Customer Service.
13. This section provides room to make detailed notes if needed.

Billing Discrepancies

Billing Discrepancies / Reconciling Accounts – When reconciling your Agency Account Current Statement each month, please follow these guidelines:

• Statements are rendered once at the end of each month and payment is due by the 15th of the following month. (I.E., August statement is due by September 15th).
• Any deductions from the statement total must be reported on the Agency Account Current Statement in the “Reason for Deduction” section.
• The following deductions are not valid:
  • Premiums not collected by your agency. All items billed on your account are at your request and must be paid.
  • Credits for cancellations and return premiums not yet processed. SIU computes return premiums on the effective date of cancellation at which time a credit memo is sent to your office and such credit will then be shown on the statement.
  • Credit for outside financing cannot be deducted. If the finance company does not pay by the invoice date, your account is still payable and therefore past due.
  • Credit for SIUPREM financing can only be deducted if the executed finance agreement is submitted in a timely manner.
  • Endorsements which have not been processed.
  • Items which you have previously been advised were invalid deductions in prior months.

Past Due Accounts

If payment is not received in our office by the 15th of the following month, your account is past due. All past due accounts are subject to a 1.5% monthly service charge. Agents with past due balances are restricted from writing business and unpaid policies are subject to cancellation for non-payment of premium.

If a payment is returned unpaid, your agency will be restricted from writing business until the premium is replaced with a certified check, money order, or completed in our online EasyPay portal. (Please note, there is a $20.00 charge for each returned check.)

Once your payment has been processed, your agency’s underwriting history and payment history will be reviewed. After the review, your agency will be notified in writing if you have been reinstated to an active status at which time you may resume writing business.

We appreciate your business and ask for your cooperation in adhering to our Account Current billing procedures.