Insurance Accounting

The accounting process for an insurance broker/managing general agency can be time-consuming, but Selectsys is here to help. Our team at Selectsys is experienced and ready to assist your accounting team with tasks such as recording payments, generating NOCs/NORs, and processing Surplus Lines Filings. As accurate financial records are essential to any successful business, we ensure precision in every task we complete.

Receipts and Payments: We are able to record any cash/ACH payments received from agents and brokers against the stated policy. Similarly, we can process any payments necessary to carriers, MGAs, and wholesalers.

Policy Offsets: An offset is necessary when the payment received does not match exactly what was owed. The actual money received in the bank is what is most important when recording payments. A Selectsys team member will do a little research to determine why the amount received did not match the amount due and take the designated steps, which may include recording an offset.

Accounts Receivable & Accounts Payable: Selectsys will run daily reports for the Accounts Receivable and Accounts Payable to confirm all transactions are recognized.

NOCs & NORs: A NOC (Notice of Cancellation) will be generated and sent to the insured when payment has not been received for their policy. A NOR (Notice of Reinstatement) may be generated and sent to the insured if payment is received after the date of cancellation.

Surplus Lines Filings: Surplus Lines Insurance is a type of insurance that covers unique risks that traditional companies cannot or will not cover. This coverage type requires the surplus lines broker to file and pay a surplus lines tax. A team member at Selectsys can process these filings on all state-specific website(s) each month on your behalf.