Clause 14
Amendment of section 32
of Financial Advisers (Amendment) Bill
BillNot in forceProvision 14 of 34
Clause 14
Section 32 of the principal Act is amended by deleting subsection (1) and substituting the following subsection:“(1) Every licensed financial adviser 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 a 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).”.