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Scope of Service
Trust Account Financial Management is critical to the successful management of the P&C Agency business
TA Service will perform the following premium
management work:
- Create premium and accounting records
of policy transactions and endorsements
- Create data and accounting records of
interim and final audits
- Create data and accounting records of
financed premiums, whether received by the agency or directly
remitted to carriers
- Generate installment premium and endorsement
invoices
- Create data and accounting records of
premium payments or wire transfers
- Follow up on delinquent payments
- Request policy cancellation for non-payment
of premium (with agency consent)
- Manage short payments and NSF checks
- Manage bank deposits
- Manage agency earned commission and transfer
to the operating account
- Create data and accounting records of
agency commission: receivable, earned, lost and transferred;
make them available to the agency for GL journal entries
- Create data and accounting records of
company statements
- Reconcile company statements with agency
data records
- Prepare company remittance vouchers
- Calculate return premiums due to endorsements
RP or final audits
- Create data and accounting records of
return premiums and reconcile them with policy earned premiums
- Create data and accounting records of
return premium reimbursements from carriers and agency operating
account
- Create data and accounting records of
premium refunds to insureds
- Manage return premium offsets and use
of premium credit
- Create data records of company DB Commission
statements
- Reconcile DB Commission statements with
agency data records
- Report outstanding DB commissions
- Manage non-fiduciary funds maintained
in the trust account: personal funds, interest earnings,
commission reserve funds
- Generate upon request production reports
by producer, CSR, or carrier
- Generate upon request financial solvency
reports for each policy, carrier and agency as a whole
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