41-1024. REPORTING AND ACCOUNTING FOR PREMIUMS. (1) All fiduciary funds received or collected by a producer shall be trust funds received by the producer in a fiduciary capacity, and the producer shall, in the applicable regular course of business, account for and pay the same to the person entitled to the funds. The producer shall establish a separate account for funds belonging to others in order to avoid a commingling of such fiduciary funds with his own funds. The producer may deposit and commingle in such separate account all fiduciary funds so long as the amount of such deposit so held for all other persons is reasonably ascertainable from the records and accounts of the producer. A producer who duly collects and deposits funds into a sweep account maintained by or for the benefit of an applicable insurer shall not be deemed to be in violation of the fiduciary fund account requirement. The director may promulgate rules relating to accounting for and handling of fiduciary funds and the fiduciary fund account.
(2) Fiduciary funds shall include all funds collected by an insurance producer from or on behalf of a client or premium finance company that are to be paid to an insurance company, its agents, or the producer’s employer, and all funds collected by an insurance producer from an insurance company or its agents that are to be paid to a policyholder or claimant under any contract of insurance.
(3) Any producer who, not being lawfully entitled thereto, diverts or appropriates to his own use such trust or fiduciary funds or any portion thereof, whether or not such funds have been separately deposited, shall upon conviction be guilty of a felony.
History:
[41-1024, added 2001, ch. 296, sec. 3, p. 1061; am. 2005, ch. 62, sec. 1, p. 220.]
Structure Idaho Code
Chapter 10 - PRODUCER LICENSING
Section 41-1001 - PURPOSE AND SCOPE.
Section 41-1002 - TERMS CONSTRUED.
Section 41-1003 - DEFINITIONS.
Section 41-1004 - LICENSE REQUIRED.
Section 41-1005 - EXCEPTIONS TO LICENSING.
Section 41-1006 - APPLICATION FOR EXAMINATION.
Section 41-1007 - APPLICATION FOR PRODUCER LICENSE.
Section 41-1008 - PRODUCER LICENSE.
Section 41-1009 - NONRESIDENT PRODUCER LICENSE.
Section 41-1010 - NONRESIDENT PRODUCERS — SERVICE OF PROCESS.
Section 41-1011 - ISSUANCE — REFUSAL OF LICENSE.
Section 41-1012 - EXEMPTION FROM EXAMINATION.
Section 41-1013 - CONTINUATION — EXPIRATION OF LICENSES — CONTINUING EDUCATION STATEMENT.
Section 41-1014 - ASSUMED NAMES.
Section 41-1015 - TEMPORARY LICENSING.
Section 41-1016 - ADMINISTRATIVE PENALTY — SUSPENSION, REVOCATION, REFUSAL OF LICENSE.
Section 41-1017 - COMMISSIONS.
Section 41-1018 - APPOINTMENTS.
Section 41-1019 - NOTIFICATION TO DIRECTOR OF TERMINATION.
Section 41-1020 - RECIPROCITY.
Section 41-1021 - REPORTING OF ACTIONS.
Section 41-1022 - INSURERS MUST ACCEPT BUSINESS THROUGH LICENSED PRODUCERS ONLY.
Section 41-1023 - COUNTERSIGNATURE OF POLICIES — POWER OF ATTORNEY.
Section 41-1024 - REPORTING AND ACCOUNTING FOR PREMIUMS.
Section 41-1026 - PROCEDURE FOLLOWING SUSPENSION, REVOCATION, DENIAL — REINSTATEMENT.
Section 41-1028 - INACTIVE STATUS.
Section 41-1029 - SEVERABILITY.
Section 41-1030 - PRODUCER COMPENSATION.
Section 41-1037 - REQUIREMENTS FOR BAIL AGENTS — FINDINGS — PURPOSE.
Section 41-1038 - DEFINITIONS.
Section 41-1039 - LICENSE REQUIRED.
Section 41-1040 - BOND REQUIRED.
Section 41-1042 - COLLECTIONS AND CHARGES PERMITTED.
Section 41-1044 - EARLY SURRENDER OF DEFENDANT TO CUSTODY — RETURN OF PREMIUM.
Section 41-1045 - RESPONSIBILITY FOR ACTIONS OF OTHERS.
Section 41-1081 - REQUIREMENTS FOR SALE OF PORTABLE ELECTRONICS INSURANCE — FINDINGS — PURPOSE.
Section 41-1082 - DEFINITIONS.
Section 41-1083 - LICENSURE OF VENDORS.
Section 41-1084 - REQUIREMENTS FOR SALE OF PORTABLE ELECTRONICS INSURANCE.
Section 41-1085 - AUTHORITY OF VENDORS OF PORTABLE ELECTRONICS.
Section 41-1086 - RESPONSIBILITY FOR ACTIONS OF OTHERS.
Section 41-1087 - SUSPENSION OR REVOCATION OF LICENSE.
Section 41-1088 - TERMINATION OF PORTABLE ELECTRONICS INSURANCE.
Section 41-1089 - APPLICATION FOR LICENSE AND FEES.
Section 41-1090 - SHORT TITLE.
Section 41-1091 - DEFINITIONS.
Section 41-1092 - REQUIREMENTS FOR LIMITED LINES TRAVEL INSURANCE PRODUCERS.
Section 41-1093 - REGISTRATION REQUIRED.
Section 41-1094 - TYPE OF POLICY.
Section 41-1095 - RESPONSIBILITY OF LIMITED LINES TRAVEL INSURANCE PRODUCERS.