2015 Code of Alabama
Title 27 - INSURANCE.
Chapter 7 - PROPERTY, CASUALTY AND SURETY INSURANCE REPRESENTATIVES.
Section 27-7-36 - Accounting for and payment of trust funds by licensees.
(a) All premiums, return premiums, or other funds belonging to others received by a producer in transactions under the producer's license shall be trust funds so received by the licensee in a fiduciary capacity, and the licensee in the applicable regular course of business shall account for and pay the same to the insurer, insured, producer, or other person entitled thereto.
(b) Any producer who, not being lawfully entitled thereto, diverts or appropriates such funds, or any portion thereof, to his or her own use shall, upon conviction, be guilty of theft of property punishable as provided in Article 1, commencing with Section 13A-8-1, of Chapter 8 of Title 13A.
(Acts 1971, No. 407, p. 707, §148; Act 2001-702, p. 1509, §11.)Disclaimer: These codes may not be the most recent version. Alabama may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
