South Dakota Codified Laws 58-30-88. Premiums received by agent as trust funds–Accounting and payment
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All premiums or return premiums received by an insurance producer shall be trust funds received by the licensee in a fiduciary capacity, and the insurance producer or soliciting insurance producer shall account for and pay the same to the insured, insurer, or insurance producer entitled thereto.
Terms Used In South Dakota Codified Laws 58-30-88
- Fiduciary: A trustee, executor, or administrator.
Source: SL 1966, ch 111, ch 9, § 28 (1); SL 2001, ch 286, § 173.