Section 55
Section 55
(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, shall for the purposes of this section establish and maintain separate account with a bank licensed under the Banking Order, 2006 (S 45/2006), the Islamic Banking Order, 2008
(S 98/2008) or with such other financial institution as may be prescribed.
Incorporating amendments until S 1/2016
(Clean copy) NANI/H.AFIF/fiqah _ as of 3rd July 2020
49
BLUV as at 14th January 2016
(2)
Any registered insurance broker which contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000.