Finance Operations Overview

🎯 purpose finance operations governs the insurance money back office environment, including premium collection and allocation, broker statement production, commission payment processing, and reconciliation activities supporting financial and regulatory control obligations 📊 operational cycle overview execute daily premium collection and allocation processes across all active premium channels perform monthly premium reconciliation controls and close outstanding exception items by working day 6 issue broker statements following reconciliation validation and operational approval run commission payment processing only after confirmation that collected premium and statements agree to reconciled balances 🛡 governance and control requirements 🛡 client money governance standard client money and company money must remain segregated in accordance with the insurance money handling policy reconciliation exceptions may not be deferred without documented operational ownership and remediation tracking 🧾 key operational controls unallocated premium older than 60 days is escalated through operational governance channels and may not be carried indefinitely commission payments are processed only on collected premium, never on written premium reconciliation evidence, payment approvals, and statement records must remain audit ready and centrally retained 🔎 quality and control guidance maintain clear segregation between preparer and reviewer roles for all reconciliation and payment activities reconciliation exceptions should carry accountable owners, target dates, and evidence of remediation actions ensure operational metrics are retained for governance committee reporting and audit inspection validate that downstream broker commission calculations are based exclusively on collected and reconciled premium retain statement issuance records, reconciliation packs, and payment approvals in accordance with records retention requirements