Premium Accounting and Solvency Management application software is distributed under the trade name of NOBL. The following modules are included in the package:
Only Paulmar-certified professionals will be permitted to operate the system. Paulmar Software, Inc. has developed a training and certification program for premium management professionals. The program is available online.
Premium Receipts and Bank Deposits
NOBL creates records of premium transactions at policy level and manages premium receipts in accordance with the terms of premium schedule. NOBL manages premium receipts and bank deposits of installments and audit premiums using a proprietary self-administering automatic billing and follow-up procedure.
Financed premiums are managed when they are received by the agency as well as when they are remitted directly to insurance carriers.
The “receivables aging” concept (standard in current practice) is abandoned. Aged receivables are inconsistent with industry requirements and are no longer acceptable.
Daily management and policy detail reports are available to monitor the inflow of transacted premiums and endorsements. NOBL manages premiums receivable for both single- and multiple-location insurance policies.
Commission Income Transfer
NOBL calculates earned commissions based on bank deposits. Commission losses due to return premiums or NSF checks are also calculated. Commission transfer records are created at the policy level. Memorandums of commission income transfer are saved for future tracking and audit.
Daily management and policy detail reports are available to monitor the status of commission transfer to the operating account.
NOBL reconciles the company statements with the agency premium records. Variances are reported and submitted to the agency for review. Remittance check vouchers are prepared. They include a listing of disputed items along with current and past remittances. Remittance check vouchers are saved for future tracking and audit.
Premium remittance records are created at the policy level. NOBL manages the premium remittance of both single- and multiple-location insurance policies.
Daily management and policy detail reports are available to monitor the status of carrier premium remittance.
Return premiums may result from endorsements RP or final audits. NOBL tracks and reports them daily or as needed. NOBL also tracks net premium reimbursements from insurance companies and return commission reimbursements from the operating account.
NOBL prepares refund check vouchers for returned premiums due to insureds and finance companies
Daily management reports are available to monitor the status of return premium credit and refunds.
Insurance code allows non-fiduciary funds to be maintained in the insurance trust account. NOBL tracks personal funds and their use in special cases such as the premium remittance to an insurance carrier before the premium payment is received from insured.
Personal funds are listed on the trust account balance sheet. Summary reports of personal funds are available.
Financial Solvency Reporting
Financial solvency reports are available for every policy, carrier, and branch agency as well as at the corporate level.
NOBL generates five major solvency reports: