What considered fronting?
Essentially, fronting insurance is a term that describes a relationship between two entities: one is an admitted carrier of commercial insurance and the other is an unrelated captive or organization that cannot write insurance coverage.
What does fronting the cost mean?
Fronting Acquisition Costs means the actual out-of-pocket expenses incurred by the Company for amounts paid or payable by, or on behalf of, the Company to unaffiliated third parties to acquire the Fronted Contracts, including, without limitation, all commissions, brokerage payments, premium taxes and boards and bureau
What does fronting mean in business?
Fronting means a deliberate circumvention or attempted circumvention of the B-BBEE Act and the Codes. Fronting commonly involves reliance on data or claims of compliance based on misrepresentations of facts, whether made by the party claiming compliance or by any other person.