Cap. 487 Art. 20Monies held in a fiduciary capacity.

(1) Every person enrolled under article 13 shall keep monies held by him or it in a fiduciary capacity separate from his or its own monies and shall, in respect of those monies, maintain separate accounts in accordance with requirements determined by Insurance Distribution Rules made for the purposes of this article.

(2) No person shall have or obtain any recourse or right against monies standing to the credit of the account referred to in sub-article (1) in respect of a claim or right against an enrolled person until all proper claims arising out of insurance distribution activities or reinsurance distribution activities against those monies have been satisfied, even in the event of bankruptcy of the individual or insolvency of the company, as the case may be.