KRS 304.9-4332: Requirements for funds received or held by public adjuster.

(1) All funds received or held by a public adjuster on behalf of an insured toward the

settlement of a claim shall be:

(a) Handled in a fiduciary capacity; and

(b) Deposited i nto one (1) or more separate noninterest -bearing fiduciary trust

accounts in a financial institution licensed to do business in this state no later

than the close of the second business day from the receipt of the funds.

(2) The funds referenced in subsection (1) of this section shall:

(a) Be held separately from any personal or nonbusiness funds;

(b) Not be commingled or combined with other funds;

(c) Be reasonably ascertainable from the books of accounts and records of the

public adjuster; and

(d) Be disbursed within thirty (30) calendar days of any invoice received by the

public adjuster upon approval of the insured or the claimant that the work has

been satisfactorily completed.

(3) For any funds deposited into an account under subsection (1) of this sec tion, a

public adjuster shall:

(a) Maintain an accurate record and itemization of the funds in accordance with

KRS 304.9-435; and

(b) Provide the insured with a receipt of deposit within three (3) business days

after the date the funds were deposited.