The concept of trust account (TA) management has no meaning to many professionals, or they have no uniform understanding of it. There are no text books or college classes on insurance TA management, and insurance-based publications seldom organize discussions to …
This is the second article in a two-part series on general ledger accounting. Part one can be viewed online. Only a few years ago, general ledger (GL) accounting was considered adequate by the industry consultants and regulators. To the more …
In current practice insurance premium accounting is based on general ledger (GL) accounting. It is used by all agency management software applications: AMS, Applied Systems, etc., just to name a few. Developed more than 500 years ago, GL accounting has …
In current practice, insurance premium accounting is based on general ledger (GL) accounting. It is used by all agency management software applications including AMS and Applied Systems just to name a few. Developed more than 500 years ago, GL accounting …
Unlike other sales and service companies, independent insurance agencies have a management function in their daily operations. Most property and casualty insurance agencies agree not only to sell and service insurance products, but they also receive transacted premiums, maintain them …
Unlike other sales and service companies, independent insurance agencies have a management function in their daily operations. Most property and casualty insurance agencies agree not only to sell and service insurance products, but they also receive transacted premiums, maintain them …
California Insurance Code requires property and casualty insurance agencies to receive premiums and return premiums in a fiduciary capacity. Return premium funds must be maintained in a separate trust bank account and refunded to insureds or finance companies without delay. …
California Insurance Code requires P/C insurance agencies to receive premium funds in a fiduciary capacity. Producer agencies are allowed to transfer earned commissions upon receipt of premium payments. Due to the fiduciary nature of premium funds the transfer of earned …
