s 82 Insurance broking premium accounts
82.—(1) Subject to subsection (2), every registered insurance broker which receives any money —(a) from or on behalf of an insured or intending insured for or on account of an insurer in connection with a contract of insurance or proposed contract of insurance; or (b) from or on behalf of an insurer for or on account of an insured or intending insured, must, for the purposes of this section, establish and maintain a separate account with a bank licensed under the Banking Act 1970. [23/2003] (2) Where the registered insurance broker is registered under section 76 to carry on business as more than one type of insurance broker, it must establish and maintain separate accounts with a bank licensed under the Banking Act 1970 in respect of the carrying on of business of each type of insurance broker for which it is registered. (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in relation to an account established under subsection (1) or (2) —(a) the types of moneys that must be paid into or withdrawn from such account; (b) the manner in which moneys should be paid into or withdrawn from such account; (c) the manner in which moneys held in such account are to be invested; (d) the manner in which the proceeds from the investment of moneys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. (4) A lien or claim on the moneys in any account established by any registered insurance broker under subsection (1) or (2) is void unless the moneys in the account are for fees due and owing to the registered insurance broker. (5) A charge or mortgage on the moneys in any account established by any registered insurance broker under subsection (1) or (2) is void. (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. (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.[35ZD