Utah Admin. Code R590-170-7 - Maintaining Accounting Records
(1) Trust
account bank statements shall be reconciled monthly.
(2) An accounts receivable report showing
each credit and debit shall be maintained and reconciled monthly, and shall
list, at a minimum, the following:
(a) the
account name ;
(b) the amount and
date due for each receivable; and
(c) the sum of all receivables.
(3) The report required under
Subsection (2) shall list separately each receivable and their sums that are
over 90 days old.
(4) An accounts
payable report showing each account's status shall be maintained and reconciled
monthly.
(5) Adequate records shall
be maintained to establish ownership of all funds in the trust account,
including:
(a) records showing from whom the
funds were received; and
(b)
records showing for whom the funds are held. (6) Trust account registers shall
maintain a running balance.
(7) All accounting records relating to the
business of insurance shall be maintained in a manner that facilitates an
audit.
Notes
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