[§431:9N-103]  Fiduciary responsibilities.  (a) In addition to the requirements of section 431:9A-123.5, bail agents shall havethe responsibilities of a trustee for all premium, return premium funds, andcollateral or security received or collected under this article.

(b)  All premiums received, less commissions ifauthorized, shall be remitted to the insurer on or before the contractual duedate or, if there is no contractual due date, within forty-five days afterreceipt.

(c)  All returned premiums received from orcredited by insurers to the account of the bail agent shall be remitted to orcredited to the account of the person entitled thereto within thirty days afterthe receipt or credit.

(d)  An insurer having knowledge that a bailagent has failed to account for any collected premium to the insurer more thanforty-five days after the contractual due date or, if there is no contractualdue date, more than ninety days after receipt, shall promptly report thefailure to the commissioner in writing.

(e)  Every insurer shall remit unearned premiumfunds to the person entitled thereto or shall otherwise credit the account ofthe bail agent as soon as is practicable after entitlement to the premium fundshas been established, but in no event more than forty-five days after theeffective date of any cancellation or termination effected by the insurer orafter the date of entitlement thereto, as established by notification ofcancellation or of termination or as otherwise established.  A bail agent havingknowledge of a failure on the part of any insurer to comply with thissubsection shall promptly report the failure to the commissioner in writing.

(f)  No bail agent shall commingle premiumsbelonging to insurers and return premiums received or held by the bail agent orpersons entitled to such funds with the bail agent's personal funds or with anyother funds except those directly connected with the bail agent's bailbusiness. [L 2008, c 134, pt of §1]