Which statement about a producer's fiduciary responsibilities is NOT true?

Producers in the insurance industry have a fiduciary responsibility to manage client funds with the utmost integrity and care. One of the fundamental principles of this responsibility is the requirement to keep client funds separate from personal funds. This is crucial for maintaining trust and ensuring that clients' money is protected and handled appropriately.

Handling clients' funds responsibly is another key aspect of their fiduciary duty. Producers must ensure that any money entrusted to them is managed in accordance with legal and ethical standards, avoiding any actions that might jeopardize the clients' financial security.

Additionally, producers are obligated to act in the best interest of their clients. This means prioritizing the needs and welfare of their clients over their own interests, providing advice and recommendations that truly benefit their clients.

In this context, the statement that producers may commingle personal funds with company funds contradicts the principles of fiduciary responsibility. Commingling funds can lead to conflicts of interest and can undermine the trust between producers and their clients, which is why this statement is not true.