All premiums or return premiums received by an insurance producer shall be trust funds received by the licensee in a fiduciary capacity, and the insurance producer or soliciting insurance producer shall account for and pay the same to the insured, insurer, or insurance producer entitled thereto.
S.D. Codified Laws § 58-30-88
Premiums received by agent as trust funds--Accounting and payment
Applied in 2 court decisions — leading case Kent v. Lyon (1996)
Most recently applied in Kent v. Lyon (November 1996)
Source: SL 1966, ch 111, ch 9, § 28 (1); SL 2001, ch 286, § 173.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.