58-29D-14. Fiduciary capacity of administrator--Accounting of underwriting transactions.
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/sd/title-58/chapter-58-29/58-29d-14·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
All insurance charges or premiums collected by an administrator on behalf of or for an insurer or insurers, and the return of premiums received from that insurer or insurers, shall be held by the administrator in a fiduciary capacity. Such funds shall be immediately remitted to the person or persons entitled to them or shall be deposited promptly in a fiduciary account established and maintained by the administrator in a federally or state insured financial institution. The written agreement between the administrator and the insurer shall provide for the administrator to periodically render an accounting to the insurer detailing all transactions performed by the administrator pertaining to the business underwritten by the insurer.