Idaho: premium trust account rules
What Idaho requires of insurance producers holding premium funds, and what happens when those funds are diverted.
Citation
§§ 41-1016; 41-1024
Source chart last reviewed this jurisdiction: 2/25
What the jurisdiction requires
All fiduciary funds received or collected by a producer shall be trust funds received by the producer in a fiduciary capacity and shall be paid to the person entitled to the funds. Includes a sweep account for the benefit of the insurer.
Penalties for diversion
Any producer who diverts or appropriates to his own use such trust or fiduciary funds shall upon conviction, be guilty of a felony. If agent improperly withholds, misappropriates or converts moneys received during an insurance transaction, director may revoke or suspend license as well as assess administrative penalty of no more than $1,000 after appropriate hearing is held.
This reference is not legal advice. Citations and summaries are transcribed from the NAIC's Fiduciary Responsibilities—Premiums chart (Spring 2025) and reflect that chart's own review dates, which vary by jurisdiction. Statutes change, and the chart may lag the current code. Confirm the current text of any provision with the jurisdiction's insurance department or your own counsel before relying on it.
Tie out a Idaho trust account
Tie your premium trust account out three ways — bank, ledger and what you owe — with Idaho's cited rule beside the worksheet. Runs in your browser; nothing is uploaded.
Trust account reconciliation worksheetKeep your trust account provably in balance
Policy Balance Hub tracks premium held in trust against what you owe each carrier, so the reconciliation an examiner asks for already exists.