1. (1)(a) Each record relating to a trust account shall be identified with the wording "trust account" or wording similar to the term "trust account," including the term "premium fund account."

   1. (b) A trust account record includes a:

      1. (i) check;
      2. (ii) bank statement;
      3. (iii) general ledger; or
      4. (iv) bank-retained record pertaining to the trust account.
2. (2) A licensee shall open a trust account with a Federal Employer Identification number or a Social Security number.

3. (3)(a) A trust account shall be a separate and distinct account from the licensee's operating and personal accounts.

   1. (b) The trust account shall have:

      1. (i) a separate account number;
      2. (ii) a separate account register; and
      3. (iii) separate checks, deposit slips, and withdrawal slips.

4. (4) A person other than a licensee may be a signatory on a licensee's trust account only if that person:

   1. (a) is an employee of the licensee; and
   2. (b) has specific responsibility for the licensee's trust account.

KEY: insurance

Date of Last Change: May 26, 2022

Notice of Continuation: February 7, 2024

Authorizing, and Implemented or Interpreted Law: 31A-2-201; 31A-23a-406; 31A-23a-409; 31A-23a-412; 31A-25-305