What should the 'Premiums and credit' section of an insurer's TOBA include?

The 'Premiums and credit' section of an insurer's Terms of Business Agreement (TOBA) is pivotal as it outlines responsibilities and expectations concerning premium payments and any related credit arrangements. In this context, the mention of the broker's obligation to release statutory documentation is essential. This obligation ensures compliance with legal and regulatory requirements and provides the necessary paperwork that backs up transactions related to premiums.

Having the broker release such documentation is critical because it fulfills the regulatory standards and ensures transparency in the premium collection process. This process creates a clear audit trail and supports the integrity of the insurance operation, providing assurance to both the insurer and the insured regarding financial dealings and obligations.

In contrast, the other choices focus on different aspects of the insurance transaction. The timing of commission payments, who bears credit risk, and who prepares accounts fall under separate operational or administrative responsibilities that do not specifically belong in the 'Premiums and credit' section, which is primarily concerned with the handling and documentation related to premium payments.