- (1) Trust account bank statements shall be reconciled monthly.
(2) An accounts receivable report showing each credit and debit shall be maintained and reconciled monthly, and shall list, at a minimum, the following:
- (a) the account name;
- (b) the amount and date due for each receivable; and
- (c) the sum of all receivables.
- (3) The report required under Subsection (2) shall list separately each receivable and their sums that are over 90 days old.
- (4) An accounts payable report showing each account's status shall be maintained and reconciled monthly.
(5) Adequate records shall be maintained to establish ownership of all funds in the trust account, including:
- (a) records showing from whom the funds were received; and
- (b) records showing for whom the funds are held.
- (6) Trust account registers shall maintain a running balance.
- (7) All accounting records relating to the business of insurance shall be maintained in a manner that facilitates an audit.
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