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    « Can an Insurer Make a Customer Drop Auto Physical Damage Coverage Mid-Term? | Main | Suppl. Uninsured Motorist Coverage Bill Introduced in NYS Legislature »

    June 12, 2012

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    General agency

    Does this include agency bill payments received from insured's that are subsequently forward to the carrier less the commission??

    Tim Dodge

    If you receive agency bill payments and deposit them directly to your premium trust account, you can then forward the premium net of commission to the carrier and transfer the commission to your operating account. You could also divide up the deposits, depositing net premiums in the premium trust account and the balance in the operating account.

    General agency

    Just to be clear we cannot use those payments for anything but forwarding to the carriers? We would need to continue to keep a balance on a line of credit even though there may be $300,000 sitting in a premium trust account, which would be untouchable?

    Tim Dodge

    If I understand your question correctly, then yes. Premium accounts can be used only for the purposes listed in the bullet points above.

    sap fico online training in usa

    Great information. Thanks for sharing.

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