Singapore legislation
Clause 14
Clause 14
Amendment of section 32
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).”.