Insurance Order, 2006 · s 54

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s 54Insurance brokers in insurance transactions

( 1)

An insurance broker who collects money from the insured shall remit such moneys to the insurer within 30 days from date of receipt of the premium.

(2)

Any amount collected by the insurance broker is deemed to have been collected by the insurer.

(3)

Any person who fails to comply with this section shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000, imprisonment for a term not exceeding 6 months or both.

Insurance broking premium accounts.