§ 26.1-27-08 — Premium collection - Fiduciary account required

All insurance charges or premiums collected by an administrator on behalf of or for an
insurer or insurers, and return premiums received from such insurer or insurers, must be held by
the administrator in a fiduciary capacity. The funds must be immediately remitted to the person
or persons entitled thereto, or must be deposited promptly in a fiduciary bank account
established and maintained by the administrator. If charges or premiums so deposited have
been collected on behalf of or for more than one insurer, the administrator shall cause the bank
in which the fiduciary account is maintained to keep records clearly recording the deposits in
and withdrawals from the account on behalf of or for each insurer. The administrator shall
promptly obtain and keep copies of all such records and, upon request of an insurer, shall
furnish the insurer with copies of such records pertaining to deposits and withdrawals on behalf
of or for the insurer. The administrator may not pay any claim by withdrawals from the fiduciary
account.