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Insurance Trust Account Management (TAM) Class

Trust account solvency management is part of insurance agents/brokersí fiduciary obligations. Premium funds received by insurance agents/brokers in a fiduciary capacity must be maintained in separate trust bank accounts and their solvency secured.

Trust account management is labor intensive and costly. It requires adequate financial tools and a uniform reporting system.

Class topics:


v  TA operation vs. agency business operation

    • Distinct operations with different management standards
    • TA operation objectives
    • TA operation complexity

v  TA management functions

    • Premiums Receivable management
    • Agency commission management
    • Company remittance management
    • Return premium credit and refunds

v  TA managementís objectives:

    • Production management
    • Financial management

v  Premium accounting

v  Definition of TA solvency

v  Financial solvency reporting

    • Premium Float Statement
    • Balance Sheet
    • Trust Funds Beneficiaries Statement

v  Documents record keeping


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