58-30-88. Premiums received by agent as trust funds--Accounting and payment.
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/sd/title-58/chapter-58-30/58-30-88·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
All premiums or return premiums received by an insurance producer shall be trust funds received by the licensee in a fiduciary capacity, and the insurance producer or soliciting insurance producer shall account for and pay the same to the insured, insurer, or insurance producer entitled thereto.