PREMIUM ESCROW ACCOUNT. 7.1 The Managing General Agent shall accept and hold all premiums collected and other funds relating to the Subject Business in a fiduciary capacity and shall properly account for such funds as required by applicable laws and regulations and this Agreement. The privilege of retaining commissions shall not be construed as changing the fiduciary capacity. Funds held by the Managing General Agent in a fiduciary capacity may be subject to audit by regulatory authorities.
PREMIUM ESCROW ACCOUNT. General Agent shall establish and maintain a premium escrow account and shall, upon receipt, deposit in such escrow account all money collected for Company in accordance with the instructions of Company and pursuant to Regulations.
