GlossaryStatutes & Regulations
Statutes & RegulationsFiduciary Duty
Also known as: Fiduciary Responsibility
A position of special financial trust and confidence held by an insurance producer with respect to premium funds collected on behalf of insurers or policyholders.
“All premiums received by a producer are trust funds held in a fiduciary capacity and may not be commingled with personal or operating funds.”
Related terms