§ 20-510. Fiduciary duties of producer

Latest version.

(a) In general. -- Each fund producer is a fiduciary as to all premiums, return premiums, or other money that the fund producer receives from any person in connection with a policy or policy application issued by, to be issued by, or bound in the Fund.

(b) Trust money. -- Each fund producer shall deposit as trust money into an account for premiums all money received under subsection (a) of this section to be accounted for and paid over to the Fund as the law requires.

HISTORY: An. Code 1957, art. 48A, § 243B; 1996, ch. 11; 2001, ch. 731, § 1.

                    
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