Singapore legislation
Clause 35
Clause 35
Amendment of section 35ZD
Section 35ZD of the Insurance Act is amended by deleting subsection (1) and substituting the following subsection:“(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, for the purposes of this section, establish and maintain a separate account with a bank licensed under the Banking Act (Cap. 19).”.