6-1417. Servicing of premium finance
agreements


A. A licensee may receive and disburse monies in the servicing of premium finance
agreements. All monies received in the process of servicing these agreements shall be
kept separate, distinct and apart from funds belonging to the licensee and shall be
deposited with a financial institution located in this state or a financial institution
in another state that maintains insurance on its deposits by the federal deposit
insurance corporation. All funds collected shall remain in the financial institution
until remitted to the person entitled to the funds.


B. The licensee shall keep a record of all monies collected and the remittance of
the monies.