On 20/05/2013,
you requested for the version in force on 20/05/2013
incorporating all amendments published on or before 20/05/2013.
The closest version currently available is that of 31/12/2002.
35ZD.
—(1) Subject to subsection (2), every registered insurance broker shall, for the purposes of this section, establish and maintain a separate account with a bank licensed under the Banking Act (Cap. 19).
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(2) Where the registered insurance broker is registered under section 35X to carry on business as more than one type of insurance broker, it shall establish and maintain separate accounts with a bank licensed under the Banking Act in respect of the carrying on of business of each type of insurance broker for which it is registered.
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(3) The Authority may prescribe, in relation to an account established under subsection (1) or (2) —
(a)
the types of moneys that must be paid into or withdrawn from such account;
(b)
the manner in which moneys should be paid into or withdrawn from such account;
(c)
the manner in which moneys held in such account are to be invested;
(d)
the manner in which the proceeds from the investment of moneys held in such account are to be distributed;
(e)
the rights and obligations of any party in relation to moneys held in such account; and
(f)
any other matter which the Authority considers to be incidental to or necessary for this section.
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(4) A lien or claim on the moneys in any account established by any registered insurance broker under subsection (1) or (2) shall be void unless the moneys in the account are for fees due and owing to the registered insurance broker.
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(5) A charge or mortgage on the moneys in any account established by any registered insurance broker under subsection (1) or (2) shall be void.
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(6) Any registered insurance broker which contravenes subsection (1) or (2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000.
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(7) In this section, “moneys” means any sum received by a registered insurance broker as agent for an insured or intending insured, including policy moneys, premiums and claims payments.
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