The purpose of Paulmar Education program is twofold:
First, educate P&C insurance professionals, especially P&C insurance agency owners, on the legal mandates and consequences of fiduciary violations. California Insurance Code prescribes a loss of business license and/or legal prosecution for theft in egregious cases of fiduciary violation. Paulmar education program was developed to fill a void in the fiduciary compliance education. Accounting for trust funds is not taught in colleges. No textbooks are available to insurance brokers willing to study it.
Second, learning and adopting trust accounting in the P&C agency financial management practice will have the potential to make retailing agencies more productive and significantly more efficient. Profit margin may increase to 15%.
Insurance trust accounting operation has been fully automated to require no bookkeeping. Accounting records are created via programing. Trust financial solvency is reported in detail; no effort by agency owners and/or DOI auditors is required. Significant financial benefits will be equally expected by P&C insurance companies, general managing agencies and carriers.
This program currently offers two non-credit education classes in all US States as all are trust states.