2017 New York Laws
ISC - Insurance
Article 21 - Agents, Brokers, Adjusters, Consultants and Intermediaries
2120 - Fiduciary Capacity of Insurance Agents, Title Insurance Agents, Insurance Brokers and Reinsurance Intermediaries.

  2120.  Fiduciary  capacity  of  insurance  agents,  title insurance
  agents, insurance brokers and reinsurance intermediaries.
(a) Every insurance agent, title insurance agent, and insurance broker
  acting as such in  this  state  shall  be  responsible  in  a  fiduciary
  capacity  for  all  funds  received  or  collected as insurance agent or
  insurance broker, and shall not, without the express consent of his, her
  or its principal, mingle any such funds with his, her or its  own  funds
  or with funds held by him, her or it in any other capacity.
(b)  Every reinsurance intermediary acting as such in this state shall
  be responsible, in a  fiduciary  capacity  for  all  funds  received  or
  collected  in  such capacity, and shall not, without the express consent
  of his or its principal or principals, mingle any such funds with his or
  its own funds or with funds held by him or it in any other capacity.
(c) This section shall not require any  such  insurance  agent,  title
  insurance   agent,  insurance  broker  or  reinsurance  intermediary  to
  maintain a separate bank deposit for the funds of each  such  principal,
  if  and  as  long  as  the  funds  so  held  for each such principal are
  reasonably ascertainable from the books of account and records  of  such
  agent, broker or reinsurance intermediary, as the case may be.
(d)  A  retail  insurance  producer  who  violates  paragraph  (a)  of
  subdivision two of section five hundred seventy-seven-a of  the  banking
  law  shall  be  liable  for actual damages for the failure to notify, in
  writing, the premium finance agency of the information required pursuant
  to such paragraph (a).