Accurate. Efficient. Accessible
Servicing all of Washington
Easy Compliance to Audit Regulations
IACS is a proven system for Insurance Agencies and Brokerages to minimize your administrative time and simplify the process for meeting the OIC (Office of Insurance Commissioner) and Washington State accounting regulations.
We're Here to Help!
Our vision is to facilitate compliance of OIC regulations throughout the insurance agency industry. We want to bridge the gap between agencies & the OIC for quicker, smoother and compliant audits.
Contact us today to discuss your needs.
Licensed & Insured | Flexible Schedules
IACS systems allow you to meet required state regulatory accounting standards with ease!
No long term contracts. We accept checks, cash & all major credit cards.
Do You Know
Double-Entry Bookkeeping System
A conventional double-entry bookkeeping system works the best for insurance agencies.
Two Separate Accounts
You are required to have two separate accounts.
Your Bookkeeping System
Your bookkeeping system must provide the means to trace any transaction back to its original source.
You can have an interest – receiving trust account.
Auditors want to see balance sheets and P&L for each month.
You must keep a copy of customer receipts for payment of premiums.
Return premiums must be refunded within 30 days.
It is your responsibility to identify canceled premiums.
Canceled Premiums (Policies)
Canceled premiums (policies) often entail “unearned commission” which means you need to return some of that money you were paid back into the premium account.
Premium (Trust) Account
You can leave commissions in the premium (trust) account as “reserved funds” or “additional funds”.
Policies must be bound (effective) before you deposit the commission into the operating account.