In their Dec. 20 Legal Webinar, IAR Legal Counsel Steve Bochenek and Legal Hotline Attorney Betsy Urbance addressed year-end issues including what managing brokers and office managers can do to leave no 2012 ends untied.
First off, before spending your slower days cleaning the office, review your company’s policy on keeping records. The IDFPR, for instance, generally mandates keeping documents for 5 years. Other guidelines include keeping tax returns and IRS-related information for 7 years and written agreements for a decade, according to IAR. Some documents, like corporate bylaws, should be permanently on file.
If your company has no such records-saving policy in its manual or lacks a manual, find a template to get you started on the IAR Web site.
While reviewing that policy, determine too your standing on electronic agreements, including electronic signatures. Generally speaking, they are legally accepted. Yet some companies have opted to specify that they allow or disallow the practice. The choice is yours – but it may be a good one to have on record.
Another important end-of-year task for managing brokers is reviewing your independent contractor employment agreements. While these aren’t required to have end dates, it’s worthwhile to refresh yourself on their status. In addition, review your other service contacts, leases, insurance policies and other agreements, to know where they stand and when they expire. IAR recommends keeping a master list of such documents, entering new agreements as they’re signed and noting their termination dates.
For more, including a summary of 2012 legislative issues about which IAR’s legal team received many questions, hear the webinar.