Idaho Administrative Code
Title IDAPA 18 - Insurance, Department of
Rule 18.06.02 - PRODUCERS HANDLING OF FIDUCIARY FUNDS
Section 18.06.02.010 - DEFINITIONS
Current through August 31, 2023
01. Cash Collateral. All funds received as collateral by a producer in connection with a bail bond transaction in the form of cash, check, money order, other negotiable instrument, debit or credit card payment, or other electronic funds transfer, given as security to obtain a bail bond, as referenced in Section 41-1043, Idaho Code. (3-31-22)
02. Fiduciary Fund Account. A financial account established to hold fiduciary funds as provided in Section 016. (3-31-22)
03. Fiduciary Funds. All premiums, return premiums, premium taxes, funds as collateral, and fees received by a producer. Fiduciary funds include: (3-31-22)
04. Receive. To collect or take actual or constructive possession of fiduciary funds. Receiving, includes but is not limited to, taking possession of money, checks, or other negotiable instruments. If fiduciary funds are in the form of a credit or offset on an account or other liability for the benefit of the consumer, without the producer actually taking possession of the funds, then constructive receipt is presumed to have occurred on the due date to the insurer. (3-31-22)