KRS 304.9-375: Fiduciary accounts.

All charges or premiums collected by an administrator on behalf of or for an insurer and

return premiums or charges received from such insurer shall be held by the administrator

in a fiduciary capacity. Such funds shall be immediately remitted to the person or persons

entitled thereto, or shall be deposited promptly in a fiduciary bank account established

and maintained by the administrator. If charges or premiums so deposited have been

collected on behalf of or for more than one (1) insurer, the administra tor shall cause the

bank in which such fiduciary account is maintained to keep records clearly recording the

deposits and withdrawals from such account on behalf of or for each insurer. The

administrator shall promptly obtain and keep copies of all such re cords and, upon request

of an insurer, shall furnish such insurer with copies of such records pertaining to deposits

and withdrawals on behalf of or for such insurer. The administrator shall not pay any

claim by withdrawals from such fiduciary account. Wit hdrawals from such fiduciary

account shall be made, as provided in the written agreement between the administrator

and the insurer, for:

(1) Remittance to an insurer entitled thereto;

(2) Deposit in an account maintained in the name of such insurer;

(3) Transfer to and deposit in a claims paying account with claims to be paid as

provided in KRS 304.9-376;

(4) Payment to a group policyholder for remittance to the insurer entitled thereto;

(5) Payment to the administrator of its commission, fees, or charges; or

(6) Remittance of return premium or charges to any person entitled thereto.