Common use of Funds Held in Trust Clause in Contracts

Funds Held in Trust. Producer shall maintain funds held in trust for business generated under this Agreement in accordance with the Insurance Laws of the state(s) in which the Producer is duly licensed to transact insurance. Producer may maintain these funds in an authorized interest bearing account; provided, however, that if Producer maintains such funds in such an account, Producer shall promptly notify Synergy of the Institution and the type of account and/or instrument in which the funds are held.

Funds Held in Trust. Producer shall maintain hold funds held in trust a fiduciary account for business generated under this Agreement in accordance with to the Insurance Laws extent required by the insurance laws of the state(s) each state in which the Producer conducts business. Provided Producer is duly licensed to transact insurance. Producer in compliance with all terms of this Agreement they may maintain these funds in an authorized retain any interest bearing account; provided, however, that if Producer maintains earned on such funds while in such an Producer’s fiduciary account, Producer shall promptly notify Synergy of the Institution and the type of account and/or instrument in which the funds are held.