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.

Source: SL 1966, ch 111 , ch 9, § 28 (1); SL 2001, ch 286 , § 173.