New Accounting Procedures for P&C Insurance Premium &
Return Premium Trust Funds
Lake Forest, CA – March 12, 2013 – Today Paulmar Group LLC announces the release of Trust Ledger Accounting™, a system of new proprietary accounting procedures for the Property & Casualty (P&C) insurance brokerage industry.
While General Ledger (GL) accounting remains the financial management
foundation of agencies’ business operating funds, Trust Ledger Accounting is uniquely developed to sustain the financial management of P&C premium and return premium trust funds. In use for the past four years, Trust Ledger Accounting is the ultimate accounting solution to P&C independent insurance agencies’ and general managing agencies’ current inability to manage fiduciary responsibilities.
With no alternative to GL accounting, P&C insurance agencies have been
unable to monitor, control and report trust account financial solvency. Critically needed financial reports, such as listed below, are currently unavailable to agencies’ owners and managers.
- Separate Balance Sheet of insurance trust funds; necessary to verify if premium fiduciary assets are in balance with premium fiduciary liabilities;
- Statement of Premium Receipts and Disbursements; necessary to
determine the trust account premium float and verify the accuracy of
trust bank account cash balance;
- Statement of Trust Funds Beneficiaries; necessary to determine the owners of trust account cash balance;
- Reporting of premium financial solvency of each policy, each carrier, and trust account as a whole
“We spent more than ten years developing this product to meet an unfulfilled need in the P&C insurance brokerage industry. The industry now has new accounting procedures uniquely tailored to manage the insurance trust account financial solvency. While General Ledger accounting is a long standing and efficient accounting system, when it comes to managing premium and return premium funds, it just does not work. There is nothing else like Trust Ledger Accounting on the market”
–Chris Marinescu, President at Paulmar Group LLC.
Trust Ledger Accounting is “insurance policy premium accounting”; it is also referred to as “P&C insurance brokers’ premium accounting”. It is different because the insurance trust account process is different. Fully compliant with Insurance Code fiduciary mandates, Trust Ledger Accounting has been fully automated for ease of operation and report generation. The software application is commercially distributed as NOBL™.
Trust Ledger Accounting is expected to become attorneys’ accounting system of choice for trust account financial solvency management.
Paulmar Group LLC was founded in 2008 to distribute NOBL to users. Paulmar Software Inc. developed the Trust Ledger Accounting concept and accounting procedures. Paulmar Software was founded in 2000.
- Visit www.paulmargroup.com and www.paulmarsoftware.com
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- Call 800/830-9093
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Trust Ledger Accounting and NOBL are trademarks of Paulmar Group in the United States.