KRS 304.9-400: Reporting and accounting for premiums.

That portion of all premiums or moneys which an insurance producer collects from an

insured and which is to be paid to an insurer, its agents, its managing general agents or his

or her principal because of the assumption of liability through the issuance o f policies or

contracts for insurance, shall be held by the insurance producer in a fiduciary capacity and

shall not be misappropriated or converted to his or her own use or illegally withheld by

the insurance producer.