That portion of all premiums or moneys which an insurance producer collects from an insured and which is to be paid to an insurer, its agents, its managing general agents or his or her principal because of the assumption of liability through the issuance of policies or contracts for insurance, shall be held by the insurance producer in a fiduciary capacity and shall not be misappropriated or converted to his or her own use or illegally withheld by the insurance producer.
Effective: July 15, 2002

Terms Used In Kentucky Statutes 304.9-400

  • Fiduciary: A trustee, executor, or administrator.
  • Insurance producer: includes agent, managing general agent, surplus lines broker, reinsurance intermediary broker and manager, rental vehicle agent and rental vehicle agent managing employee, and consultant. See Kentucky Statutes 304.9-020

History: Amended 2002 Ky. Acts ch. 273, sec. 31, effective July 15, 2002. — Amended
2000 Ky. Acts ch. 393, sec. 29, effective July 14, 2000. — Amended 1986 Ky. Acts ch. 307, sec. 6, effective July 15, 1986. — Created 1970 Ky. Acts ch. 301, subtit. 9, sec. 40, effective June 18, 1970.

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