Ill. Admin. Code tit. 50, § 3501.60 - Records
a) Each company
shall keep its books, records, documents, accounts and vouchers in such manner
that its financial condition can be ascertained, its financial statements filed
with the Director can be readily verified, and its compliance with the law can
be determined.
b) The books of the
company must be closed as of December 31. (See Section 13 of the
Act.)
c) Original records may not
be destroyed without first securing authority of the Director. (See 50 Ill.
Adm. Code 3502.)
d) A policy
register that properly reflects all changes in the policy during its term
should be maintained.
e) Original
records shall be kept in fire resistant files.
f) A petty cash fund, if maintained, shall be
for the payment of small bills or for making change only. Each disbursement
from the fund must be supported by a signed voucher or receipted invoice. The
total of the cash, checks and paid vouchers in the fund shall at all times
equal the total of the fund as originally set up. The petty cash fund should be
reimbursed at regular intervals and always on the last business day of each
year.
Notes
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