How to run it
Pick a fixed month each year. Pull a sample of closed and open files, review your accounts and policies, and write down what you found and fixed. A short written record of the review is useful if a regulator or surety audits you.
Licenses and appointments
- All licenses current; renewal dates calendared
- CE complete for every licensee
- Surety appointments active and accurate
- Business licenses and filings current
File sample (pick at least 10)
- Signed application and indemnity agreement complete, no blanks
- Premium charged matches the filed rate
- Premium receipt issued
- Collateral receipt matches what is held
- Check-in log maintained
- Exoneration documented and collateral returned on time
Money
- Trust account reconciled to collateral records
- No commingling of collateral with operating funds
- Surety reports and premium remittances submitted on time
- BUF balances reconciled
Forfeitures
- List of open forfeitures with deadlines
- Each one reported to surety
- Recovery efforts documented
Policies and people
- Advertising reviewed for accuracy and required disclosures
- Complaint log reviewed and resolved
- Staff trained on any law changes from the past year
- Privacy and data security practices reviewed
General information only, not legal advice. Laws change — confirm current requirements with your state regulator, your surety and an attorney.