Title 33, Chapter 23, Section 35
(a) An agent, subagent, or any other representative of an insurer or
of any other person in the effectuation of an insurance contract
shall report to the insurer or its agent the premium for the
contract and the amount shall be shown in the contract. Each
willful violation of this subsection shall constitute a misdemeanor.
(b) All funds representing premiums received or return premiums due
the insured by any agent or subagent shall be accounted for in the
licensee's fiduciary capacity, shall not be commingled with the
licensee's personal funds, and shall be promptly accounted for and
paid to the insurer, insured, or agent as entitled to such funds.
Nothing contained in this Code section shall be deemed to require
any agent or subagent to maintain a separate bank deposit for the
funds of each principal, if the funds so held for each principal are
reasonably ascertainable from the books of accounts and records of
the agent or subagent.
(c) Any violation of this Code section shall constitute grounds or
cause for action by the Commissioner, including, but not limited to,
probation, suspension, or revocation of the license. Each and every
act by a licensee shall also constitute grounds for fines and
penalties, which amounts shall be set by rule or regulation of the
Commissioner. Any willful violation of this Code section shall
constitute a misdemeanor unless such amounts involved exceed
$500.00, whereby such violation shall constitute a felony.