Insurance Act 1966 · 2020 Revised Edition · Part 2B · Insurance Intermediaries
82. Insurance broking premium accounts
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Subject to subsection (2), every registered insurance broker which receives any money —
registered insurance broker
“registered insurance broker” means an insurance broker who is for the time being registered under section 76;
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
from or on behalf of an insurer for or on account of an insured or intending insured,must, for the purposes of this section, establish and maintain a separate account with a bank licensed under the Banking Act 1970.
Where the registered insurance broker is registered under section 76 to carry on business as more than one type of insurance broker, it must establish and maintain separate accounts with a bank licensed under the Banking Act 1970 in respect of the carrying on of business of each type of insurance broker for which it is registered.
insurance broker
“insurance broker” means —(a)a person who is or has been carrying on the business of —(i)receiving proposals for, or issuing, policies in Singapore;(ii)collecting or receiving premiums on policies in Singapore; or(iii)arranging contracts of insurance in Singapore, as an agent for insureds or intending insureds in respect of —(iv)policies relating to general business and long‑term accident and health policies, other than policies relating to reinsurance business; or(v)reinsurance of liabilities under policies relating to life business or general business; or(b)a person who acts for, or by arrangement with, a person referred to in paragraph (a) in the performance of all or any of the activities carried out by the person referred to in paragraph (a),but does not include such persons or class of persons as the Authority may prescribe;
The Authority may prescribe, in relation to an account established under subsection (1) or (2) —
the types of moneys that must be paid into or withdrawn from such account;
the manner in which moneys should be paid into or withdrawn from such account;
the manner in which moneys held in such account are to be invested;
the manner in which the proceeds from the investment of moneys held in such account are to be distributed;
the rights and obligations of any party in relation to moneys held in such account; and
any other matter which the Authority considers to be incidental to or necessary for this section.
A lien or claim on the moneys in any account established by any registered insurance broker under subsection (1) or (2) is void unless the moneys in the account are for fees due and owing to the registered insurance broker.
A charge or mortgage on the moneys in any account established by any registered insurance broker under subsection (1) or (2) is void.
Any registered insurance broker which contravenes subsection (1) or (2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000.
In this section, “moneys” means any sum received by a registered insurance broker as agent for an insured or intending insured, including policy moneys, premiums and claims payments.[35ZD
agent
“agent”, in relation to a foreign insurer, means an agent in respect of the carrying on of insurance business in Singapore by the foreign insurer, with authority to enter into contracts of insurance on behalf of the foreign insurer;