Section 031-540-3 - FIDUCIARY OBLIGATIONSAn insurance producer who is licensed or required to be licensed in this State, and who receives or holds premiums or return premiums for risks in this State, must comply with 24-A M.R.S. §1449 and this Rule.
A. An insurance producer shall receive and hold all premiums and return premiums as trust funds in a fiduciary capacity and not as his or her personal assets.B. In order to meet the fiduciary obligations of this Rule, an insurance producer shall set up one or more separate premium trust accounts in a national or state bank, savings institution, or credit union and maintain therein all premiums and return premiums received by the insurance producer until actually remitted to the insurer or other person entitled thereto. C. Under no circumstances shall an insurance producer place fiduciary funds in a personal or business operating account.D. The premium trust account must not be encumbered in any manner, including but not limited to pledging any funds in the account as collateral for a loan or other obligation.02-031 C.M.R. ch. 540, § 3