A matter of trust
Q. What is involved in operating an Insurer Trust Account? What should we watch out for?
There are two key points to check your company's status against. First, this applies to firms that do not hold the permission to hold client money. Second, if you ever charge fees for your services, they are normally treated as client money, and would be a breach of regulation to pay such money into an insurer trust account.
If you do charge fees, then you need to arrange for clients to pay the fee in a separate cheque from the premium, or ensure that you have the permission to hold client money
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