Reporting and accounting for premiums

That portion of all premiums or moneys which an insurance producer collects from an insured and which is to be paid to an insurer, its agents, its managing general agents or his or her principal because of the assumption of liability through the issuance of policies or contracts for insurance, shall be held by the insurance producer in a fiduciary capacity and shall not be misappropriated or converted to his or her own use or illegally withheld by the insurance producer.