InstructorChris Marinescu
TypeOnline Course
Certificate80% of quiz marks
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The first two-hour class offers insight into the fiduciary obligations of licensed insurance agents and brokers. Carrying out fiduciary duties by insurance agents and their staffs must meet numerous law requirements and regulations. Every person in the agency who performs fiduciary duties under the license issued to the agency must follow the conduct prescribed by the Insurance Code. The class focuses upon what all the duties are and what criteria must be met.

DOI Class No: 363172
Paulmar Code: CE 101
Class Provider: Paulmar Group LLC, Orange County, CA 92630
Provider ID: 373001
Duration: 2 Hours
CE Credits: 2

Instructor: Chris Marinescu, President of Paulmar Group LLC Owner and Developer of Insurance Trust Account Technology; Inventor of Insurance Trust Accounting Logic (US Patent No. 9,811,863);
DOI approved Class Instructor;
Author of several published articles on insurance trust accounting and trust account financial management; Master’s Degree in Civil/Structural Engineering and Engineering Economics

Background: CA Dept. of Insurance requires P&C insurance agents & brokers to receive and maintain premium funds in a fiduciary capacity, as “trustees” or “custodians” not as owners of funds. This constitutes the essence of insurance fiduciary duty. Premiums and return premiums must be disbursed only to their legal owners. Agency owners are personally responsible for violations of fiduciary duty.

Fiduciary “task” includes all activities related to the carrying out insurance broker’s fiduciary duty.

Description: During this class students will learn about:

  • Meaning of “fiduciary” position
  • Reason why it is mandated by law
  • Difference between “sellers” and “brokers”
  • Advantages and disadvantages of fiduciary position
  • Fiduciary funds
  • Fiduciary duty management process
  • Investment opportunities
  • Violations of fiduciary duty
  • Retailers vs. wholesalers
  • Agency personnel’s obligations
  • Case studies

Handouts: Several handouts are available for download as part of the course material:

  • CA Insurance Code, Sections 1733-1736
  • CA Dept of Insurance Bulletin 81-02
  • AICPA-Practice Guide to Fiduciary (Trust) Accounting
Final Quiz