# EDGAR Filing Document

**Accession Number:** 0001541492
**File Stem:** 0001104659-23-030687
**Filing Date:** 2023-3
**Character Count:** 30124
**Document Hash:** 64b2c0e2a270da2ca20e7ec7bb722d9d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-030687.hdr.sgml**: 20230310

**ACCESSION NUMBER**: 0001104659-23-030687

**CONFORMED SUBMISSION TYPE**: ABS-15G

**PUBLIC DOCUMENT COUNT**: 6

**CONFORMED PERIOD OF REPORT**: 20230302

**ITEM INFORMATION**: Findings and Conclusions of the Third Party Due Diligence Provider Obtained by the Issuer

**FILED AS OF DATE**: 20230310

**DATE AS OF CHANGE**: 20230309

**ABS RULE**: RULE-15GA2

**REGISTERED ENTITY**: N

**ABS ASSET CLASS**: Other

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** IPFS Corp
- **CENTRAL INDEX KEY:** 0001541492
- **IRS NUMBER:** 431039872
- **STATE OF INCORPORATION:** MO
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act
- **SEC FILE NUMBER:** 025-00409
- **FILM NUMBER:** 23721048

**BUSINESS ADDRESS:**
- **STREET 1:** 1055 BROADWAY, 11TH FL
- **CITY:** KANSAS CITY
- **STATE:** MO
- **ZIP:** 64105
- **BUSINESS PHONE:** 816-627-0500

**MAIL ADDRESS:**
- **STREET 1:** 1055 BROADWAY, 11TH FL
- **CITY:** KANSAS CITY
- **STATE:** MO
- **ZIP:** 64105
**DEPOSITOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** IPFS Corp
- **CENTRAL INDEX KEY:** 0001541492
- **IRS NUMBER:** 431039872
- **STATE OF INCORPORATION:** MO
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act

**BUSINESS ADDRESS:**
- **STREET 1:** 1055 BROADWAY, 11TH FL
- **CITY:** KANSAS CITY
- **STATE:** MO
- **ZIP:** 64105
- **BUSINESS PHONE:** 816-627-0500

**MAIL ADDRESS:**
- **STREET 1:** 1055 BROADWAY, 11TH FL
- **CITY:** KANSAS CITY
- **STATE:** MO
- **ZIP:** 64105
**SECURITIZER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** IPFS Corp
- **CENTRAL INDEX KEY:** 0001541492
- **IRS NUMBER:** 431039872
- **STATE OF INCORPORATION:** MO
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act
- **SEC FILE NUMBER:** 025-00409

**BUSINESS ADDRESS:**
- **STREET 1:** 1055 BROADWAY, 11TH FL
- **CITY:** KANSAS CITY
- **STATE:** MO
- **ZIP:** 64105
- **BUSINESS PHONE:** 816-627-0500

**MAIL ADDRESS:**
- **STREET 1:** 1055 BROADWAY, 11TH FL
- **CITY:** KANSAS CITY
- **STATE:** MO
- **ZIP:** 64105

**UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION**<br> **Washington, D.C. 20549**

**FORM ABS-15G**<br> **ASSET-BACKED SECURITIZER<br> REPORT PURSUANT TO SECTION 15G OF<br> THE SECURITIES EXCHANGE ACT OF 1934**

Check the appropriate box to indicate the filing obligation to which this form is intended to satisfy:

◻ Rule 15Ga-1 under the Exchange Act (17 CFR 240.15Ga-1) for the reporting period

____________________ to _____________________

Date of Report (Date of earliest event reported) _________________________

Commission File Number of securitizer: ___________________________

Central Index Key Number of securitizer:

Name and telephone number, including area code, of the person to<br> contact in connection with this filing.

Indicate by check mark whether the securitizer has no activity to report for the initial period pursuant to Rule 15Ga-1(c)(1) ◻

Indicate by check mark whether the securitizer has no activity to report for the quarterly period pursuant to Rule 15Ga-1(c)(2)(i) ◻

Indicate by check mark whether the securitizer has no activity to report for the annual period pursuant to Rule 15Ga-1(c)(2)(ii) ◻

⌧ Rule 15Ga-2 under the Exchange Act (17 CFR 240.15Ga-2)

Central Index Key Number of depositor: **0001541492**

**PFS FINANCING CORP.**

(Exact name of issuing entity as specified in its charter)

Central Index Key Number of issuing entity (if applicable): NOT APPLICABLE

Central Index Key Number of underwriter (if applicable) NOT APPLICABLE

**Patricia Garringer-Strickland, Lathrop GPM, 816-460-5807**

Name and telephone number, including area code, of the person to<br> contact in connection with this filing.

**PART II; FINDINGS AND CONCLUSIONS OF THIRD-PARTY DUE DILIGENCE REPORTS**

**Item 2.01 Findings and Conclusions of a Third Party Due Diligence Report Obtained by the Issuer**

Attached as Exhibit 99.1 hereto is a Report of Independent Certified Public Accountants, dated March 2, 2023, obtained by IPFS Corporation, with respect to certain agreed-upon procedures performed by Mayer Hoffman McCann P.C.

**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934, the reporting entity has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: March 9, 2023

---

| | |
|:---|:---|
| **IPFS Corporation** | **IPFS Corporation** |
| (Depositor) | (Depositor) |
| By: | /s/ Bryan J. Andres |
| Name: | Bryan J. Andres |
| Title: | Executive Vice President & Chief Financial Officer |

---

EXHIBIT INDEX

Exhibit Number Description <br>[Exhibit 99.1](tm239062d1_ex99-1.htm) [Report of Independent Certified Public Accountants for the six-month period ended December 31, 2022](tm239062d1_ex99-1.htm)

## Exhibit 99.1

**Exhibit 99.1**

![](tm239062d1_ex99-1img001.jpg)

Independent Accountants' Report

**IPFS Corporation**

For the six-month period ended December 31, 2022

![](tm239062d1_ex99-1img002.jpg)

---

| | |
|:---|:---|
| ![](tm239062d1_ex99-1img002.jpg) | **Mayer Hoffman McCann P.C.** <br> 700 W 47th St Ste 1100 ■ Kansas City, MO 64112<br> Main: 816.945.5600 ■ Fax: 816.897.1280 ■ www.mhmcpa.com |

---

INDEPENDENT ACCOUNTANTS' REPORT

Board of Directors and Management

IPFS Corporation

We have performed the procedures enumerated below on the reporting and monitoring of the ongoing sale and servicing of receivables pursuant to the Servicing Agreement dated May 1, 2001, restated June 1, 2006, and most recently amended November 30, 2022 (the "Servicing Agreement") for the six-month period ended December 31, 2022, between IPFS Corporation, as Servicer ("IPFS"), UMB Bank, National Association, as Trustee ("UMB"), and PFS Financing Corporation, as Issuer (the "Subject Matter"). IPFS is the responsible party and is responsible for the Subject Matter.

IPFS as the engaging party has agreed to and acknowledged that the procedures performed are appropriate to meet the intended purpose of assisting in connection with the ongoing sale and servicing of premium finance receivables pursuant to the Servicing Agreement. This report may not be suitable for any other purpose. The procedures performed may not address all the items of interest to a user of this report and may not meet the needs of all users of this report and, as such, users are responsible for determining whether the procedures performed are appropriate for their purposes.

**Scope of agreed-upon procedures**

Pursuant to the Base Indenture under the Servicing Agreement, we performed the following procedures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Performed
 inquiries related to the specific internal accounting control procedures or processing functions
 relating to IPFS's credit policies, originations, collections, aging and charge-off functions,
 and performed certain procedures thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Performed
 certain limited procedures, as are discussed more fully below, on one Monthly Servicer Report
 from each of the Monthly Selected Report Periods (August and October 2022) and one Weekly
 Servicer Report from each of the Weekly Selected Report Periods (the week of August 8-12,
 2022 and the week of October 24-28, 2022).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Examined
 certain documents, records, and procedures of IPFS relating to the allocation of collections,
 as is described throughout this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The
 monetary amount for reporting a finding from the application of the agreed-upon procedures
 is an error or difference in excess of $1,500.

---

| | |
|:---|:---|
| ![](tm239062d1_ex99-1img003.jpg) | *Member of Kreston International – a global network of independent accounting firms* |

---

The scope and results of our procedures are discussed in greater detail throughout this report. Based on the scope agreed to by IPFS, UMB, and PFS Financing Corporation, the procedures are subject to a selection risk. Selection risk is the possibility that our conclusions, based on our selections, would be different from that reached if the entire population were subjected to procedures.

Premium finance receivables are maintained on one of the following systems, as described in these procedures: the Premium Loan Underwriting System (PLUS) or the Premium Billing System (PBS). The listed procedures will extend to the loan systems used to maintain the loans. These systems will be jointly referred to as Loan Systems throughout the report.

The procedures and associated findings are as follows:

**1.** **Internal accounting controls procedures** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. IPFS
 has a policies and procedures manual, covering quoting procedures and region loan approval
 limits, updated as of March 14, 2022 (Credit Policy). We inquired of management as to the
 existence of any significant modifications of IPFS's established policies and procedures
 since the latest update. Management stated that no such modifications had been made to establish
 policies and procedures and current operations are conducted in accordance with the established
 policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. We
 inquired as to the audit frequency of IPFS regions. Management informed us that the Internal
 Audit department has historically performed unannounced audits of the regions. In reaction
 to Covid-19 challenges during 2020, the department altered procedures to audit all significant
 functions of all regions quarterly using remote procedures and expects to continue this updated
 process. This ensures that all regions are audited by IPFS Internal Audit at least every
 18 months to remain similar to previous processes. Formal reports are generated annually
 for the regions but may not be issued within every six-month period subjected to agreed-upon
 procedures. If reports were issued in the six-month period subject to agreed-upon procedures,
 we selected the central region and noted the internal audit report was completed and reviewed
 with region management and IPFS senior management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. We
 requested written confirmation for a random selection of 150 premium finance receivable balances
 outstanding at October 31, 2022. Following is a summary of results of confirmations selected:

---

| | |
|:---|:---|
| Confirmed without exception | $608238 |
| Confirmed with exception - resolved | 19686 |
| No reply, alternative procedures performed without exception | 655633 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total subject to confirmation | $1283557 |

---

The selection above included 150 premium finance receivable balances, of which 47.39% (on a dollar value basis) were confirmed with no exceptions noted, 1.53% were confirmed with exceptions that were satisfactorily resolved, and 51.08% were nonresponsive.

For the premium finance receivables for which we received no reply, and for those confirmed with exception, we performed alternative procedures by agreeing the outstanding principal amount, loan number, annual percentage rate, and monthly payment amount to the Loan Systems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. We
 inquired of management as to the system of controls in place to detect employee or insurance
 agent fraud. Management has represented that the below controls are in place to protect IPFS
 from the risk of fraud. We did not perform any procedures on the below controls, unless detailed
 elsewhere in the report.

i. The
 Accounts Receivable Team (ART) performs a daily reconciliation of cash activity processed
 to the Loan Systems for each branch. In addition, month-end bank reconciliations are performed
 by the Company's accounting department and agreed to the general ledger. The bank accounts
 used by the Canadian operations are reconciled by the accounting department to the loan system
 activity and the general ledger.

ii. Some
 of the processing branches outsource the printing and mailing of checks from the Loan Systems.
 The remaining branches maintain the blank check stock in a secure location and no account
 information is preprinted on the checks. In those cases, the Loan Systems print the account
 number and other account information on the blank check stock.

iii. PLUS
 provides an electronic feed representing the checks issued. That detail is utilized by either
 a positive pay or a reverse positive pay system to control the clearing of checks. This system
 allows IPFS the opportunity to reject any check that does not match the list of those issued.
 The branch or office manager reviews a list of checks issued by the system as part of the
 daily procedures. Where applicable, the PBS system is used for the reverse positive pay process
 similar to the PLUS process. The Canadian bank accounts do not use a positive pay process
 as all loan related disbursements are processed using EFT transaction files sent to the banks
 to settle the funds electronically.

iv. A
 major portion of cash receipts are directed to regional lockbox locations. These receipts
 are deposited, and a data file of the payments is used to post those payments to the accounts
 in the appropriate system.

v. As
 part of the lockbox system for cash receipts, the bank account data for each check received
 on a major portion of the accounts is stored in the Loan Systems.

---

| | |
|:---|:---|
|  | This data is coded to track the source of each receipt to the insured, the insurance agent, or other sources. Fraud reports are generated by the Loan Systems and are reviewed by the branches to determine the existence of any unusual patterns for receipts. |
| vi. | The Internal Audit department altered procedures in 2020 to audit all significant functions quarterly using remote procedures. They will continue this updated process with formal reports issued to the operating regions annually. |
| vii. | The data in the Loan Systems is compared with employee name, address, and bank account details captured in the payroll system to detect any potential fraud concerns. |

---

**2.** **Premium finance origination procedures** 

In order to perform the procedures pertaining to the origination and recording of premium finance receivables, we randomly selected a total of 50 Premium Agreements (Contract) -25 each from the Monthly Selected Report Periods payment lists extracted from the Loan Systems for purposes of performing the agreed-upon procedures. We obtained copies of the Contracts from management and performed the following procedures for each of the Contracts selected, noting no exceptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. We
 agreed the quote number, customer name, and amount financed as reported on the payment lists
 to the applicable Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. We
 obtained the Contract and noted that the signatures of the insured and agent were present,
 where applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. We
 recalculated the arithmetic accuracy of the finance charge and installment payment amounts
 disclosed in the Contract based upon the terms of the Contract, the annual percentage rate
 (APR), and the amount financed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. We
 agreed the principal balance and amount financed to the balance reported in the respective
 Company loan trial balance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. We
 agreed the terms and amounts from the Loan Systems to those outlined in the actual Contract
 and, if applicable, the amendments to the Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. We
 randomly selected a sub-selection of 10 Contracts and related documentation from the 50 Contracts
 selected above and noted that the following information was on file, noting no exceptions:

i. Evidence
 of appropriate underwriting approval pursuant to IPFS's Credit Policy.

ii. Dun
 & Bradstreet reports, where required, pursuant to IPFS's Credit Policy.

iii. Quote
 forms designated acceptable pursuant to IPFS's Credit Policy.

iv. Financial
 information, as required, pursuant to IPFS's Credit Policy.

v. Evidence
 of verification of coverage from the insurance company or general agent pursuant to IPFS's
 Credit Policy.

vi. In
 cases where loans are originated by Capitol Payment Plan, the Credit Policy included similar
 procedures for these loans.

vii. For
 loans originated by Snap Premium Finance, the Canadian operation, a separate credit policy
 is used that includes similar procedures for loans.

**3.** **Finance charge procedures** 

We randomly selected 5 Contracts from the 50 Contracts chosen in procedure 2 and performed the following procedures pertaining to the calculation and allocation of finance charges, noting no exceptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. We
 proved the arithmetic accuracy of the allocation of all payments between principal and interest
 for each of the Contracts selected and agreed to the Loan Systems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. We
 agreed the allocation of total payments between principal and interest as calculated in procedure
 3. a to the actual Contracts selected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. We
 agreed the total finance charge to the Loan Systems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. We
 agreed the annual percentage interest rate as stated in the Contracts to the Loan Systems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. We
 obtained a summary of state restrictions, provided by IPFS, as to the maximum allowable annual
 percentage interest rate on premium finance contracts. For each of the Contracts selected,
 the contractual annual percentage interest rate was below the maximum allowable interest
 rate.

**4.** **Cash procedures** 

&nbsp;&nbsp;&nbsp;&nbsp;a. We
 will randomly select 10 cash receipts for each of the Monthly Selected Report Periods from
 the Company's Cash Receipts Reports (from one business day during the Monthly Selected
 Report Periods for reports from the PLUS system, and from the monthly report for each of
 the Monthly Selected Report Periods from the PBS system), and perform the following procedures
 pertaining to the cash receipts function, noting no exceptions:

i. We
 agreed the cash receipts to the Loan Systems, verifying the cash had been posted to the applicable
 account.

ii. We
 agreed each cash receipt to the detailed support schedule and traced the totals to the respective
 bank statement.

&nbsp;&nbsp;&nbsp;&nbsp;b. For
 the Monthly Servicer Reports from the Monthly Selected Report Periods, we performed the following
 procedures, noting no exceptions. Items included in quotations below represent line item
 titles on the Monthly Servicer Reports.

i. Agreed
 the "Monthly Interest" to amounts reported by each funding agent for such settlement
 period and verified they were disbursed from the Company's bank account.

ii. Agreed
 the "Investor Servicing Fee for the Prior Monthly Period" to amounts calculated
 by the Servicer for such settlement period.

iii. Agreed
 any indemnified amounts to amounts reported by each funding agent for such settlement period
 and traced to the Company's bank account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Concentration procedures** 

We performed the following procedures pertaining to the concentrations by insurance obligors and agents, noting no exceptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. We
 selected the 5 insurance obligors with the largest outstanding balances from the Company
 Concentration Reports for the Monthly Selected Report Periods, and agreed the insurance obligor
 ratings, as applicable, to 1) each respective monthly Standard & Poor's rating; 2) each
 respective monthly Moody's rating; and 3) each respective monthly AM Best's rating.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. We
 agreed the total outstanding balance of the top 5 insurance obligors from IPFS's accounting
 records to the Servicer Report schedules for the Monthly Selected Report Periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. We
 agreed the agency name and outstanding balance of the 4 agents included within the Servicer
 Reports to the Agent Concentration Reports (including reconciling items) for the Monthly
 Selected Report Periods.

**6.** **Aging procedures** 

We obtained the Monthly Servicer Reports for the Monthly Selected Report Periods and performed the following procedures pertaining to the propriety of the aging reports, noting no exceptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. We
 randomly selected 10 premium finance receivables from the Receivables Aging Report supporting
 each of the applicable Monthly Servicer Reports and agreed these premium finance receivables
 to the Loan Systems. We noted that each of the premium finance receivables were properly
 aged on each aging report based upon the scheduled monthly payment due date and the date
 of the latest payment received (if any).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. We
 agreed the premium finance receivables selected for testing in procedure 6.a. to the Company
 loan trial balance.

**7.** **Eligibility procedures** 

We performed the following procedures pertaining to the eligibility of the 50 premium finance receivables sold selected in procedure 2, noting no exceptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. We
 obtained the total insurance premiums, the total down payments received by IPFS, and the
 length of the premium finance receivable contract and underlying insurance policy from a
 copy of the original premium finance contract and agreed them to the Loan Systems. We also
 noted that the maturity date of the loan is less than sixty months from the effective date,
 and therefore met the eligibility requirements specified in the Base Indenture, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. We
 examined the receivable, noting:

i. The
 address of the borrower for each receivable was located in the United States territories
 or Canada.

ii. Each
 receivable at time of sale was not unpaid 1) for more than 30 days from the original due
 date without cancellation of the related insurance policy, or 2) more than 180 days after
 cancellation of the related insurance policy.

iii. Each
 receivable, at the time of sale, was not a delinquent receivable (unpaid for 30 days or more
 from the original due date), or, if a delinquent receivable the related insurance policy
 was cancelled on or before 30 days after the payment due date, and the principal balance
 of such delinquent receivable was less than or equal to $500,000.

iv. The
 receivable was denominated and payable only in U.S. dollars, or, if the Direct Obligor was
 a resident of Canada, in either U.S. dollars or Canadian dollars.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Collection and charge-off procedures** 

We randomly selected 5 premium finance receivables from the Charge-Off Accounts Report from the Loan Systems for the Monthly Selected Report Periods and performed the following procedures for each, noting no exceptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. We
 agreed the principal balance of charge-offs on each report to the account detail in the Loan
 Systems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. We
 examined the selected charge-offs noting they were relieved within 364 days after the account
 was cancelled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Reporting under the terms of the Base Indenture procedures** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. We
 performed the following procedures pertaining to the accuracy of the information included
 in the Monthly Servicer Reports and the Weekly Servicer Reports for the Monthly Selected
 Report Periods and the Weekly Selected Report Periods, respectively, which were haphazardly
 selected, noting no exceptions. Items included in quotations below represent line item titles
 on the Monthly Servicer Reports.

i. We
 agreed the "Beginning Net Principal Receivables" to the previous Monthly Servicer
 Report, and previous Weekly Report.

ii. We
 agreed the "Principal Collections" and "Subsequently Transferred Receivables"
 on each Monthly Servicer Report to IPFS's records. We agreed the "Subsequently Transferred
 Receivables" on each Weekly Report to IPFS's accounting records.

iii. We
 agreed the "Ending Net Principal Receivables" and "Ending Defaulted Receivable
 Balance" of the Monthly Servicer Reports to IPFS's accounting records.

iv. We
 agreed the "Finance Charge Collections" and "Recoveries" of the Monthly
 Servicer Reports to IPFS's general ledger.

v. We
 recalculated the "Fixed Investor Percentage" and "Floating Investor Percentage"
 for each investment series on the Monthly Servicer Reports by dividing the "Investor
 Interest" and "Modified Investor Interest" by the aggregate "Investor
 Interest" and "Modified Investor Interest", respectively.

vi. We
 agreed the "Aggregate Original Principal of Eligible Receivables Sold During the Month"
 and "Aggregate Original Premiums for Underlying Policies" to IPFS's accounting
 records.

vii. We
 recalculated the "Financed Receivable Rate averaged over the three Previous Consecutive
 Monthly Periods" as reported in the Monthly Servicer Reports by dividing the "Aggregate
 Original Principal of Eligible Receivables Sold During the Month" by the "Aggregate
 Original Premiums for Underlying Policies."

b. We
 performed the following procedures pertaining to the accuracy of the information included
 in the Monthly Servicer Reports for the Selected Report Periods, noting no exceptions:

i. We
 agreed the individual amounts reported as "Aging of Overdue Receivables" to the
 applicable monthly aging reports.

ii. We
 agreed the "Charge-Offs" to IPFS's general ledger.

iii. We
 verified that the "Ending Net Principal Receivables Balance" plus amount on deposit
 in the Company's bank account exceeded the "Investor Interest".

c. We
 performed the following procedures pertaining to the accuracy of the information included
 in the Portfolio Performance Triggers section of the Monthly Servicer Reports for the Monthly
 Selected Report Periods, noting no exceptions:

i. With
 respect to the "Defaulted Receivable Rate," we recalculated the "Average Receivable"
 by simple average and we agreed the "Charged-Off Receivables" to IPFS's records.
 We recalculated the arithmetic accuracy of the "Default Ratio" and the "Three-Month
 Average" on each report.

ii. With
 respect to the "Average Net Portfolio Yield," we agreed the amounts used to calculate
 "Excess Spread" to the amounts located elsewhere in the Monthly Servicer Reports.
 We recalculated the arithmetic accuracy of the "3 Month Average Net Portfolio Yield"
 on each report.

d. We
 performed the following procedures pertaining to the accuracy of the information used in
 the calculation of the Servicer Statistics section of the Monthly Servicer Reports for the
 Monthly Selected Report Periods, noting no exceptions.

i. We
 recalculated the arithmetic accuracy of the "Tangible Net Worth" calculation by
 subtracting the "Intangible Assets, Net" and "Goodwill, Net" from
 the "Total Shareholders' Equity" as reported in IPFS's unaudited consolidated
 financial statements for the appropriate months.

ii. We
 agreed the "Consolidated Liabilities" and "Consolidated Net Worth" to
 IPFS's unaudited consolidated financial statements for the appropriate months. We recalculated
 the arithmetic accuracy of the ratio of "Liabilities to Net Worth" by dividing
 the "Consolidated Liabilities" by the "Consolidated Net Worth".

We were engaged by IPFS to perform this agreed-upon procedures engagement and conducted our engagement in accordance with attestation standards established by the AICPA. We were not engaged to and did not conduct an examination or review engagement, the objective of which would be the expression of an opinion or conclusion, respectively, on the reporting and monitoring of the ongoing sale and servicing of premium finance receivables pursuant to the Servicing Agreement. Accordingly, we do not express such an opinion or conclusion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you.

We are required to be independent of IPFS and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements related to our agreed-upon procedures engagement.

This report is intended solely for the information and use of IPFS, UMB, and PFS Financing Corporation. It is not intended to be, and should not be, used by any other person or entity, including investors and Nationally Recognized Statistical Rating Organizations, who are not identified in the report as specified parties but who may have access to this report as required by law or regulation.

![](tm239062d1_ex99-1img004.jpg)

Kansas City, Missouri

March 2, 2023