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Trust accounts
900034-00
FDIC coverage
I am concerned about the level of protection afforded by the Federal Deposit Insurance Corp., compared to the amount of premium monies I may have in the bank at any given time. Do my individual companies, to whom the premiums are due, each have separate limits of FDIC coverage? Does the bank have to have records showing the companies’ separate ownership of the premiums?
290303-00
Trust account agreements
I am trying to open a trust account with a new bank and they are asking me for a trust account agreement. Is this required?
290188-00
Trust account designation
Can the premium trust account be named “Trust Account” or “Premium Account?”
290200-00
Labeling of trust accounts
Is there a difference in the requirements for labeling trust accounts in New Jersey and New York?