22.—(1) Every registered insurance broker shall establish and maintain a separate account with any bank licensed under the Banking Act (Cap.19) for each type of registration.
(2) A registered insurance broker shall pay into each bank account maintained by it under subsection (1), all moneys received by it —
(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.
(3) A registered insurance broker shall not, except with the consent of the Authority, withdraw moneys from a bank account maintained by it under subsection (1) except —
(a)
for payment to or for a person entitled to receive payment of the moneys, including itself in so far as it is entitled to receive payment for itself;
(b)
for payment to or for an insurer in respect of amounts due to the insurer under or in relation to a contract of insurance (including a contract of insurance that has been cancelled);
(c)
for investments in deposits placed with any bank licensed under the Banking Act or any other securities that may be prescribed; or
(d)
for repayment of moneys that were paid into the account in error.
(4) A registered insurance broker shall pay moneys received from the realisation of any investment made under subsection (3)(c) into a bank account maintained by it under subsection (1).
(5) If, upon the realisation of any investment made under subsection (3)(c), the amount of moneys received in respect of the realisation is less than the amount of moneys invested, the registered insurance broker shall make good the shortfall.
(6) Interest or other income received by a registered insurance broker from a bank account maintained under subsection (1) or from any investment made under subsection (3)(c) may be retained by the insurance broker for its own benefit and need not be paid into, or retained in, a bank account maintained under subsection (1).
(7) A bank account maintained under subsection (1) and any investment made under subsection (3)(c) shall be called an “insurance broking premium account”, with or without other words of description.
(8) A lien or claim on the moneys in any insurance broking premium account shall be void unless the moneys in the account are for fees due and owing to the registered insurance broker.
(9) A charge or mortgage on the moneys in any insurance broking premium account shall be void.