Insurance Ordinance

(1)
A licensed insurance broker company
must—
(a)
hold any of the monies specified in subsection (2) separate from the company’s monies; and
(b)
pay them, as soon as practicable after receiving the monies, into an account maintained by the company with an authorized institution for holding the specified monies.
(2)
The monies specified for subsection (1)
are—
(a)
monies received by the company from or on behalf of a policy holder or potential policy holder for or on account of an insurer in connection with a contract of insurance; and
(b)
monies received by the company from or on behalf of an insurer for or on account of a policy holder or potential policy holder.
(3)
A licensed insurance broker company must pay to an insurer, within the time as agreed with the insurer, insurance premiums received from a policy holder or potential policy holder that are due to the insurer in relation to a contract of insurance.
(4)
A licensed insurance broker company may use client monies relating to a client only for the purposes of that client.
(5)
A licensed insurance broker company is entitled to retain the interest that is earned on client monies relating to a client held in the company’s client account unless the client and the company agree otherwise.
(6)
A lien or claim on client monies made by or through a licensed insurance broker company is void unless the monies in the client account of the company are for fees then due and owing to the company.
(7)
A licensed insurance broker company must not create a charge or mortgage on client monies.
(8)
A charge or mortgage on client monies created by a licensed insurance broker company is void.
(9)
A licensed insurance broker company which contravenes subsection (1), (4) or (7) commits an offence and is
liable—
(a)
on conviction on indictment to a fine of $1,000,000 and to imprisonment for 5 years; or
(b)
on summary conviction to a fine at level 6 and to imprisonment for 6 months.