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Agency and Individual Licensing - Compliance

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Agency bill accounts

Agency bill premiums are processed through the separate premium account. However, there are some key differences that impact the timing of removing commissions from the account and resolving return cancellation premiums that must be paid to customers.

General requirements

The separate premium account is a fiduciary account that holds funds that belong to someone else. There are general requirements that all accounts must follow.

Recordkeeping

Licensees must maintain all funds that make up premium and return premium in a separate premium bank account until they pay the party entitled to the funds. Licensees must also maintain records demonstrating this.

Separate premium account shortages

You’re required to maintain all funds that represent premium in the separate premiums account.

Related topics

Licensing compliance & financial examinations

It is important to understand the laws, rules and filing requirements to stay in compliance.