In forceAs enactedCurrent version · As enactedSee versions on Attorney General's Chambers(opens the publisher’s site)
Insurance Order, 2006 · As enacted
Official textFrom Attorney General's Chambers, unchanged
( 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.
insurance broker
"insurance broker" means any company who, for compensation as an independent contractor, in any manner solicits, negotiates or procures insurance or the renewal or continuance thereof on behalf of an insured other than himself;
Any amount collected by the insurance broker is deemed to have been collected by the insurer.
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.
insurance broker
"insurance broker" means any company who, for compensation as an independent contractor, in any manner solicits, negotiates or procures insurance or the renewal or continuance thereof on behalf of an insured other than himself;