Paulmar
Group LLC Announces Trust Ledger AccountingTM
New Accounting Procedures for P&C Insurance Premium
& Return Premium Trust Funds
Lake Forest, CA -
March 12, 2013 - Today Paulmar Group LLC announces
the release of Trust Ledger
AccountingTM, a system of new proprietary
accounting procedures for the Property & Casualty
(P&C) insurance brokerage industry.
While General Ledger (GL)
accounting remains the financial management foundation of
agencies’ business operating funds, Trust Ledger Accounting is
uniquely developed to sustain the financial management of
P&C premium and return premium trust funds. In use for the past
four years, Trust Ledger Accounting is the ultimate accounting
solution to P&C independent insurance agencies’ and
general managing agencies’ current inability to manage
fiduciary responsibilities.
With no alternative to GL
accounting, P&C insurance agencies have been unable to
monitor, control and report trust account financial solvency.
Critically needed financial reports, such as listed below, are
currently unavailable to agencies’ owners and managers.
-
Separate Balance
Sheet of insurance trust
funds; necessary to verify if premium fiduciary assets are
in balance with premium fiduciary
liabilities;
-
Statement
of Premium Receipts and Disbursements; necessary to determine the trust account
premium float and verify the accuracy of trust bank account
cash balance;
-
Statement
of Trust Funds Beneficiaries; necessary to determine the owners of trust
account cash
balance;
-
Reporting of premium
financial solvency of each policy,
each carrier, and trust account as a
whole
“We
spent more than ten years developing this product to meet an
unfulfilled need in the P&C insurance brokerage industry.
The industry now has new accounting procedures uniquely
tailored to manage the insurance trust account financial
solvency. While General Ledger accounting is a long standing
and efficient accounting system, when it comes to managing
premium and return premium funds, it just does not work. There
is nothing else like Trust Ledger Accounting on the
market”
-Chris Marinescu, President at
Paulmar Group LLC.
Trust Ledger Accounting is
“insurance policy premium accounting”; it is also referred to
as “P&C insurance brokers’ premium accounting”. It is different because the
insurance trust account process is different. Fully
compliant with Insurance Code fiduciary mandates, Trust Ledger
Accounting has been fully automated for ease of operation and
report generation. The software application is commercially
distributed as
NOBLTM.
Trust Ledger Accounting is
expected to become attorneys’ accounting system of choice for
trust account financial solvency management.
Paulmar Group LLC was founded
in 2008 to distribute NOBL to users. Paulmar Software Inc.
developed the Trust Ledger Accounting concept and accounting
procedures. Paulmar Software was founded in 2000.
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Visit
www.paulmartrustaccounitng.com and
www.paulmarsoftware.com
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Send email to info@paulmargroup.com
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Call
800/830-9093
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For immediate response send email to
chris@paulmargroup.com
Trust Ledger Accounting and
NOBL are trademarks of Paulmar Group in the United
States.
