Cap. 487 Art. 43FProtection of clients monies.

(1) Without prejudice to sub-article (3), every ancillary insurance intermediary, shall, in respect of monies held by him or it in 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 a person acting as an ancillary insurance intermediary until all proper claims arising out of insurance 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.

(3) Notwithstanding the provisions of sub-articles (1) and (2):

(a) monies received by the ancillary insurance intermediary from a person in relation to a contract of insurance shall be treated as having been paid to the authorised undertaking or the enrolled insurance broker issuing or offering the contract, and on whose behalf the ancillary insurance intermediary carries on ancillary insurance intermediaries activities; and

(b) monies paid by the authorised undertaking or the enrolled insurance broker to the ancillary insurance intermediary, and intended for the policyholder, shall not be treated as having been paid to the policyholder until such monies are actually received by the policyholder concerned.