(a) All funds, fees, moneys, premiums, or return premiums received by a licensee in the capacity as a licensee shall be trust funds so received by the licensee in a fiduciary capacity, and the licensee shall in the applicable regular course of business account for and pay these funds, fees, moneys, premiums, or return premiums to the insured, insurer, licensee, or any other person entitled thereto.
(b) Any licensee who, not being lawfully entitled thereto, diverts or appropriates those funds or any portion thereof to his or her own use shall upon conviction be guilty of theft of property and shall be punished as provided by law.
Structure Arkansas Code
Title 23 - Public Utilities and Regulated Industries
Chapter 64 - Licensees, Agents, Brokers, Adjusters, and Consultants
Subchapter 2 - Licensing and Appointment
§ 23-64-202. General qualifications for licensure — Exemptions — Definitions
§ 23-64-203. Testing, emergency suspension, and records
§ 23-64-204. Application for an insurance consultant's license
§ 23-64-205. Written examination
§ 23-64-207. Scope of broker's license and authority and insurance consultant's license
§ 23-64-209. Qualifications for adjuster's license
§ 23-64-214. Issuance of license — Form and content of license
§ 23-64-215. Continuance of license
§ 23-64-216. Suspension or revocation
§ 23-64-217. Procedure following suspension or revocation
§ 23-64-218. Return of license to Insurance Commissioner
§ 23-64-219. Appointment of agent — Continuation or termination of appointment
§ 23-64-220. Place of business — Maintenance of records — Definition
§ 23-64-223. Fiduciary duties of licensees
§ 23-64-224. Combination agent and broker license
§ 23-64-225. Excess or rejected business
§ 23-64-226. Termination rights of agents
§ 23-64-227. Appointment of Insurance Commissioner as agent for service of process
§ 23-64-230. Renewal of policies after agent's termination
§ 23-64-231. Settlement with terminated producers required
§ 23-64-232. Premium delinquencies — Definitions
§ 23-64-233. Limited license for self-service storage insurance — Definitions
§ 23-64-234. Travel insurance — Scope — Definitions — Licensing — Premium tax