IAM encourages all members to review the updated RPP Operating Rules and Regulations.
Through the RPP, IAM will compensate your company if it is owed by another IAM Member who goes out of business. For the 2015 fiscal year, IAM paid over $80,000 USD in qualified claims and will likely pay out close to $200,000 USD in qualified claims for the 2016 fiscal year once finalized. In addition to the claims process, the Operating Rules and Regulations specify how IAM intervenes between members when outstanding debts are owed and the criteria by which members are added to the Alleged Debtor List.
One key change to the Operating Rules and Regulations is an unpaid invoice must be no older than 120 days from the date of its issuance when it is submitted to IAM for Unpaid Invoice Compensation through the RPP. In other words, if the invoice is older than 120 days, it will be automatically denied. Previously, the unpaid invoice could be no older than 180 days. IAM encourages all members to closely watch their receivables and notify us should receivables owed to your company by other members exceeds 60 days.
Questions concerning the RPP and the updated rules and regulations can be directed to firstname.lastname@example.org.