Section 18.06.02.022 - TIMELY DISBURSEMENT OF FIDUCIARY FUNDSIn addition to the requirements of Section 014, after receiving fiduciary funds, a producer:
01.Remits Premiums. Remits premiums directly to an insurer or an insurer's designee within the time period set forth in the producer's contract, or if not specified, within fourteen (14) days of receipt;02.Returns Money Received. Returns to the payer the money received as a premium deposit which is retained by the producer or returned to the producer by the insurer to the payer by the earlier of:a. Fourteen (14) days from the date the premium is received by the producer orb. Fourteen (14) days from the date the insurer notifies the insurance applicant that coverage has been denied if the producer retained the premium deposit.03.Refund Received from the Insurer. Issues a refund received from the insurer within fourteen (14) days by disbursing money to the insured or other party entitled thereto. If the producer is applying the refund to an outstanding amount owed by the insured, the producer obtains the insured's permission and provides the insured a detailed description of the amount owed to which the refund is being applied.04.Dispute of Entitlement of Funds. If there is a dispute as to entitlement of funds under Subsections 022.01 or 022.03, a producer notifies the parties of the dispute, seeks to resolve it, and documents the steps taken to resolve it.05.Funds Held for More Than Ninety Days. If funds within the scope of Subsections 022.01 or 022.03 are held for more than ninety (90) days, the producer investigates to determine the entitlement to fiduciary funds and pays those fiduciary funds when due to the appropriate person in accordance with this section.06.Return Cash Collateral. Returns cash collateral to the depositor within fourteen (14) after the obligation is discharged.Idaho Admin. Code r. 18.06.02.022