# Insurance accounting services for agencies and MGAs

Canonical: https://finbryn.com/us/services/insurance-accounting-support

Finbryn provides monthly bookkeeping and reconciliations for independent insurance agencies, MGAs, captives and small insurers, with premium trust accounts, bordereaux and statutory schedules tied to the ledger for your review. For insurers, NAIC Model #205 calls for an independent CPA's audited report by June 1 (checked 2026-10-19); your officers sign the statutory statements, and Finbryn never holds premium funds.

## Who this is for

Independent agency owners and their controllers, MGA and program administrator finance leads, insurtech CFOs, and the finance staff of captives and small insurers. These businesses share one problem: they hold money that isn't theirs, and a regulator, a carrier or an auditor will eventually ask them to show where it is. Our monthly close is built around answering that question.

## What we prepare, by type of business

- **Independent agencies.** A monthly three-way reconciliation of the premium trust account (bank, ledger and the trust report in Applied Epic, AMS360, HawkSoft or Sagitta), carrier commission statements tied to revenue, and producer splits and chargebacks. Start with [premium trust and agency accounting](/services/insurance-accounting-support/insurance-agency-accounting-premium-trust).
- **MGAs and program administrators.** Bordereaux tied to premium collected and remitted, fiduciary account reconciliations and the quarterly account report your carrier expects. Start with [MGA and program administrator accounting](/services/insurance-accounting-support/mga-program-administrator-accounting).
- **Captives, risk retention groups and small insurers.** Books kept on the basis the domicile requires, GAAP or statutory, with the schedules handed to the independent auditor and the actuary, and statutory and GAAP trial balances from one close. Each has its own page, listed below.

## Where do the rules come from?

There is no single rulebook. Agencies answer to their state: Florida Statute 626.561 treats premiums as trust funds and requires 3 years of records, and New York Insurance Law 2120 bars mingling without the principal's consent. MGAs answer to their state's MGA law and their carrier contract: NAIC Model #225 has the contract require the MGA to remit at least monthly, and Texas Insurance Code 4053.103 requires a quarterly account report. Insurers answer to their state's version of the Model Audit Rule for the audited report. We read each source on 2026-10-19 and show it on the deeper pages; your compliance contact or counsel decides what applies to you.

## Who signs what

Workpapers organized for your independent auditor. Your officers sign the statutory statements and your appointed actuary signs the actuarial opinion. Under NAIC Model #205 an insurer has an annual audit by an independent CPA, and the model sets June 1 for the audited report. Reconciliation support for your premium trust account, for your review and sign-off. Finbryn never holds, controls or signs on trust funds. If Finbryn keeps your books, we refer your audit to an independent CPA practice that is independent of Finbryn.

## Where actuarial work fits

Reserves and rates are actuarial work, IFRS 17 measurement rests on actuarial models, and a credentialed actuary signs any opinion. We prepare the data checks and workpapers behind it: [loss reserve studies](/services/actuarial-services/loss-reserve-studies), [IFRS 17 implementation and reporting support](/services/actuarial-services/ifrs-17-implementation-support) and [insurance rate making and pricing support](/services/actuarial-services/insurance-rate-making-pricing-support).

## Getting started

Send the list of accounts, carriers and systems, and we scope the monthly close around them. Fees are on the [pricing](/pricing) page and the steps are in [how it works](/how-it-works).

## every service

- [Insurance agency accounting and premium trust reconciliation](https://finbryn.com/us/services/insurance-accounting-support/insurance-agency-accounting-premium-trust)

- [MGA and program administrator accounting](https://finbryn.com/us/services/insurance-accounting-support/mga-program-administrator-accounting)

- [Captive and risk retention group accounting support](https://finbryn.com/us/services/insurance-accounting-support/captive-rrg-accounting-support)

- [Statutory accounting and annual statement support for small insurers](https://finbryn.com/us/services/insurance-accounting-support/statutory-accounting-annual-statement-support)

Diagram: How premium moves from policyholder to signed statements. Six steps: the policyholder pays, the agency holds the premium in trust, net premium goes to the carrier, the carrier books it, officers sign the statements and an independent CPA audits.

## Frequently asked questions: Insurance accounting support

**Q: Insurance agency accounting services**

A: Insurance agency accounting services keep the agency's own books apart from the fiduciary premium money it holds. Finbryn reconciles the premium trust account three ways each month (bank, ledger, agency system), ties each carrier statement to commission revenue, and posts producer splits and chargebacks, for the principal's review and sign-off. Florida Statute 626.561 treats these premiums as trust funds (checked 2026-10-19). Details are on the [agency page](/services/insurance-accounting-support/insurance-agency-accounting-premium-trust).

**Q: mga insurance accounting**

A: MGA insurance accounting centers on the fiduciary account the MGA holds for its carriers. Under NAIC Model #225 (October 2002 edition, checked 2026-10-19) an MGA renders accounts and remits at least monthly, and Texas Insurance Code 4053.103 adds a quarterly account report. Finbryn ties bordereaux to premium collected and remitted, for the MGA's review. See [MGA accounting](/services/insurance-accounting-support/mga-program-administrator-accounting).

**Q: captive insurance company accounting**

A: A captive keeps its books on the basis its domicile requires, GAAP or statutory, and the domicile sets the filing date. For comparison, NAIC Model #205 (checked 2026-10-19) has an insurer file an independent CPA's audited report by June 1. Finbryn prepares the ledger and the schedules for the auditor, and reserve work hands off to [loss reserve studies](/services/actuarial-services/loss-reserve-studies), where a credentialed actuary signs any opinion.

**Q: statutory reporting vs gaap**

A: Statutory reporting tests whether an insurer can pay claims, and GAAP measures earnings over time, so the two sets of statements treat items such as acquisition costs and nonadmitted assets differently. Regulators read statutory statements; lenders and investors often ask for GAAP. Finbryn prepares both trial balances from one close, officers sign, and an independent CPA audits (NAIC Model #205, checked 2026-10-19).

**Q: Does my bookkeeper need to understand fiduciary rules for insurance agencies?**

A: Yes, at least enough to keep premium money apart from the agency's own money and to know your state's rule. Florida Statute 626.561 treats premiums as trust funds held in a fiduciary capacity and requires 3 years of records, and New York Insurance Law 2120 bars mingling without the principal's consent (both checked 2026-10-19). Finbryn reconciles to the rule you give us and flags questions for your compliance contact. We don't give legal advice.

**Q: Who controls the premium trust account, the agency or Finbryn?**

A: The agency or MGA does. Reconciliation support for your premium trust account, for your review and sign-off. Finbryn never holds, controls or signs on trust funds. The client opens the account, signs the checks and moves the money, and we prepare the schedules. Michigan's regulator says the signer on a separate premium account does not need to hold an agent license (DIFS Trust Account FAQ, checked 2026-10-19).

## Sources

1. [NAIC Model Laws: Managing General Agents Act (#225), October 2002 edition, checked 2026-10-19](https://content.naic.org/sites/default/files/model-law-225.pdf)
2. [NAIC Model Laws: Annual Financial Reporting Model Regulation (#205), 3rd Quarter 2015, checked 2026-10-19](https://content.naic.org/sites/default/files/model-law-205.pdf)
3. [Texas Insurance Code chapter 4053, Managing General Agents (Texas Legislature), checked 2026-10-19](https://tcss.legis.texas.gov/resources/IN/htm/IN.4053.htm)
4. [Florida Statutes 2026, s. 626.561, Reporting and accounting for funds, checked 2026-10-19](http://www.leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0600-0699/0626/Sections/0626.561.html)
5. [New York Insurance Law s. 2120, Fiduciary capacity of insurance agents, checked 2026-10-19](https://www.nysenate.gov/legislation/laws/ISC/2120)
6. [Michigan DIFS, Trust Account FAQ (updated 2026-01-09), checked 2026-10-19](https://www.michigan.gov/difs/industry/insurance-agency-audit/trust-account-faq)

## Contact
- Phone: +1 (312) 313-7376
- Email: hello@finbryn.com
- Booking page: https://finbryn.com/us/book