Notwithstanding another provision of this chapter, a regulation promulgated by the department, or an order issued by the director, a licensee, his employee, and agent must not be required to:
(1) act as a fiduciary of money received from the sale of insurance authorized to be sold under the provisions of this chapter; or
(2) hold this money in a separate trust account if the insurer represented by the license holder provides written consent, signed by an officer of the insurer, that a premium is not required to be segregated from money received by the license holder because of the consumer transaction associated with the coverage.
HISTORY: 2014 Act No. 226 (S.1065), Section 1, eff June 2, 2014.