Insurance Order, 2006 · s 55

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s 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 forx the purposes of this section establish and maintain separate account with a bank licensed under the Banking Act (Chapter 95), the Islamic Banking Act

(Chapter 168) or with such other financial institution as may be prescribed.

(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.

Registration of adjusters.