(1) All funds belonging to an insurer or other person received by a sales representative in transactions under his or her license and appointment shall be trust funds so received by such representative in a fiduciary capacity; and the representative, in the applicable regular course of business, shall account for and pay the same to the insurer or other person entitled thereto.
(2) Any sales representative who, not being entitled thereto, diverts or appropriates such funds or any portion thereof to his or her own use commits theft as provided in s. 812.014.
History.—s. 1, ch. 79-103; s. 2, ch. 81-318; ss. 15, 20, 21, ch. 83-278; s. 179, ch. 91-108; s. 4, ch. 92-79; ss. 6, 7, ch. 93-147; s. 497, ch. 97-102; s. 104, ch. 2019-167.
Structure Florida Statutes
Chapter 642 - Legal Expense Insurance
642.016 - Chapter Exclusive; Applicability of Other Laws.
642.019 - Organization of Legal Expense Insurance Corporations.
642.021 - Certificate of Authority.
642.022 - Insurance Business Not Authorized.
642.023 - Required Deposit or Bond.
642.025 - Policy and Certificate Forms.
642.0261 - Net Worth Required of Applicants.
642.0262 - Net Worth Required to Maintain Certificate of Authority.
642.029 - Contracts by Insurers.
642.0301 - Filing, License, Statement, and Miscellaneous Fees.
642.032 - Provisions of General Insurance Law Applicable to Legal Expense Insurance Corporations.
642.0331 - Grounds for Suspension or Revocation of Certificate.
642.0334 - Order; Notice of Suspension or Revocation of Certificate; Effect; Publication.
642.0336 - Duration of Suspension; Obligations During Suspension; Reinstatement.
642.0338 - Administrative Fine in Lieu of Suspension or Revocation.
642.034 - License and Appointment Required.
642.036 - Sales Representatives to Be Licensed and Appointed.
642.038 - Reporting and Accounting for Funds.
642.047 - Administrative Fine in Lieu of Suspension or Revocation of License or Appointment.