2.03k 2.03h Are checks for underwriter premium payments that are outstanding longer than sixty 22 2.03i (60) days after issuance researched and resolved immediately? 2.06 2.03k 2.03h Are all other checks outstanding longer than ninety (90) days after issuance 23 2.03i researched and resolved immediately? 2.06 2.03m 2.03h 24 Are all reconciling items researched and resolved immediately after being identified? 2.03i 2.06 If the reconciliation reveals a shortage, does your Company have a control or 2.03l 25 procedure for funding the shortage within 5 days? Describe the process for tracking and monitoring the items addressed in Questions 17 2.01 26 through 25 above, or identify/attach any existing reports used to track and monitor 2.03l those items. 2.03k Are the outstanding checks from the previous reconciliation checked against 2.03h 27 the current bank statement to determine whether they were cleared or remain 2.03i outstanding? 2.06 2.03j Are the outstanding deposits from the previous month's reconciliation checked 2.03h 28 against the current bank statement to determine whether they were cleared or 2.03i remain outstanding? 2.06 2.03c 29 Does management review the reconciliations within one day of their completion? Does management periodically review cancelled checks and disbursement journals 2.03o 30 for unusual items? Are copies of the reconciliation accessible electronically by the insurance 2.03d 31 agency’s contracted underwriter(s)? Describe your Company’s reconciliation procedures, and/or attach a copy of the most 2.01 32 recent reconciliation and supporting documentation, and identify the individuals responsible for each procedure. EMPLOYEE TRAINING Corresponding Assessment Procedure 11 Questions Is each employee that has access to your Escrow Trust Accounts given a copy of your 2.02d Company's written policies and procedures on escrow trust accounting when they are 1 hired? Is each employee that has access to your Escrow Trust Accounts given a copy of your 2.02d Company's written policies and procedures on escrow trust accounting when the 2 procedures are updated?
2.03k 2.03h 2.03i 2.06 22 Are checks for underwriter premium payments that are outstanding longer than sixty (60) days after issuance researched and resolved immediately? 2.03k 2.03h 2.03i 2.06 23 Are all other checks outstanding longer than ninety (90) days after issuance researched and resolved immediately? 2.03m 2.03h 2.03i 2.06 24 Are all reconciling items researched and resolved immediately after being identified? 2.03l 25 If the reconciliation reveals a shortage, does your Company have a control or procedure for funding the shortage within 5 days? 2.01 2.03l 26 Describe the process for tracking and monitoring the items addressed in Questions 17 through 25 above, or identify/attach any existing reports used to track and monitor those items. 2.03k 2.03h 2.03i 2.06 27 Are the outstanding checks from the previous reconciliation checked against the current bank statement to determine whether they were cleared or remain outstanding? 2.03j 2.03h 2.03i 2.06 28 Are the outstanding deposits from the previous month's reconciliation checked against the current bank statement to determine whether they were cleared or remain outstanding? 2.03c 29 Does management review the reconciliations within one day of their completion? 2.03o 30 Does management periodically review cancelled checks and disbursement journals for unusual items? 2.03d 31 Are copies of the reconciliation accessible electronically by the insurance agency’s contracted underwriter(s)? 2.01 32 Describe your Company’s reconciliation procedures, and/or attach a copy of the most recent reconciliation and supporting documentation, and identify the individuals responsible for each procedure. EMPLOYEE TRAINING Corresponding Assessment Procedure 11 Questions 2.02d 1 Is each employee that has access to your Escrow Trust Accounts given a copy of your Company's written policies and procedures on escrow trust accounting when they are hired? 2.02d 2 Is each employee that has access to your Escrow Trust Accounts given a copy of your Company's written policies and procedures on escrow trust accounting when the procedures are updated?
CFPB%20-%20CTNC%20Presentation%20Materials%209-15-13.docx