Are There Certain Fiduciary Responsibilities That Are Placed Upon A Licensed Agent Or Broker?

The State of Nebraska requires every person acting as an insurance agent, broker, or agency in this state to be responsible in a fiduciary capacity for all funds received or collected as an insurance agent, broker or agency. Nothing shall be construed to require any person to maintain a separate bank deposit if the funds of each principal are clearly ascertainable from the books of accounts and records of that person.

Licensees and agencies shall keep, at their place of business, the usual and customary records pertaining to transactions associated with their license. All records shall be kept available and open to the inspection of the director or his or her representatives at any time during business hours. Records shall be maintained for three years following the completion of any insurance transaction.

All policies and applications solicited by an insurance agent, broker, or agency shall identify the name of each. If the application is attached to the policy upon issuance, the required identification may be contained in either the application or the policy.

The information on this page is meant to provide a general overview of the law. The laws in your state and/or city may deviate significantly from those described here. If you have specific questions related to your situation you should speak with a local attorney.

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