Illinois Administrative Code
Title 50 - INSURANCE
Part 3113 - PREMIUM FUND TRUST ACCOUNT
Section 3113.50 - Minimum Record Requirements
Current through Register Vol. 48, No. 12, March 22, 2024
a) Licensees shall maintain books and records which reflect all insurance transactions, specifically in regard to premiums and other monies received and deposited into the PFTA and lawfully withdrawn from the PFTA. The preparation, journalizing and posting of such books and records must be performed no less than every 30 days.
b) Failure to maintain on a timely basis the minimum books and records pursuant to this Part shall be deemed evidence of untrustworthiness, incompetence and financial irresponsibility. For the purpose of this subsection timely means not less than every 30 days.
c) All books and records for a calendar or fiscal year shall be maintained for at least 7 years thereafter.
d) Licensees shall maintain a cash receipts register of all monies received. The minimum detail required in the register shall be:
e) Licensees shall maintain a cash disbursement register of all disbursements. The minimum detail required in the register shall be:
f) All PFTA journal entries for receipts and disbursements shall be supported by evidential matter as provided in Sections 3113.50(d) and 3113.50(e). The evidential matter must be referenced in the journal entry so that it may be traced for verification.
g) Licensees shall prepare and maintain monthly financial institution account reconciliations of the PFTA.
h) Licensees shall maintain positive running balances in the PFTA. The positive balance shall be reflected in the check stubs or disbursement register after each deposit or disbursement entry.