R590-170-4. Establishing a Trust Account

(1)(a) Each record relating to a trust account shall be identified with the wording "trust account" or wording similar to the term "trust account," including the term "premium fund account." (b) A trust account record includes a: (i) check; (ii) bank statement; (iii) general ledger; or (iv) bank-retained record pertaining to the trust account. (2) A licensee shall open a trust account with a Federal Employer Identification number or a Social Security number. (3)(a) A trust account shall be a separate and distinct account from the licensee's operating and personal accounts. (b) The trust account shall have: (i) a separate account number; (ii) a separate account register; and (iii) separate checks, deposit slips, and withdrawal slips. (4) A person other than a licensee may be a signatory on a licensee's trust account only if that person: (a) is an employee of the licensee; and (b) has specific responsibility for the licensee's trust account.