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Insurance Trust Technology is not only groundbreaking but also a paradigm change with major implications on the way business will be performed in the P&C insurance industry in the future.

Agency Fiduciary Duty

California Insurance Code mandates insurance brokers to receive premium funds in a “fiduciary capacity” and maintain them in separate “trust” bank accounts. As legal “trustees” of insurance “trust accounts”, agency owners are made personally responsible for violations of insurance “fiduciary duty”. Similar requirements are written into law by most states.

The ultimate two questions in trust account management are: (1) is the agency trust account financially solvent? & (2) how can an agency owner verify it? After years of research Paulmar determined insurance agency owners have no way to verify solvency; they are exposed to fiduciary duty violations without even realize it. One in three insurance agencies in California is thought to operate out of trust jeopardizing its business license and risking legal prosecution for theft.

To help P&C insurance agency owners and industry as a whole, Paulmar has developed a full scale Trust Account Technology with three main objectives in the scope:

1.       Development of new insurance fiduciary accounting capable to support the management of trust financial solvency. We branded it “TRUST LEDGER ACCOUNTINGTM”;


2.       Complete automation of insurance trust account process, including receivables, commission income, company remittance, return premium refunds and personal funds maintained in the agency trust account. We branded the software applications “NOBL TECHNOLOGYTM”;


3.       Development of Trust Account Outsourcing TechnologyTM   that enables insurance agencies to outsource the trust account operation in the same way they outsource the payroll. This technology will help especially those agencies seeking to focus on core business and become more productive and more efficient.

  Trust Account Technology does not help insurance agencies to manage core business: marketing, sales and service. Current agency management systems do it reliably. No agency management system however offers P&C agencies fiduciary accounting and trust financial solvency management tools.

Insurance Trust Account Technology offers significant benefits to the users.

To see a graphic presentation of Insurance Trust Account Technology click here.

For additional information click here.



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