I. A public adjuster who receives, accepts, or holds any moneys on behalf of an insured, towards the settlement of a claim for loss or damage, shall deposit the moneys in an interest bearing escrow or trust account in a financial institution which is insured by an agency of the federal government in their home state.
II. All funds held in an escrow or trust account and interest accruing thereon shall be the property of the insured and shall be held pursuant to a written agreement signed by the insured and the public adjuster.