Back Custom print Link Text Only Rich Text Print

  • IM-3.2A IM-3.2A Client Money

    • IM-3.2A.1

      The Client Money Module outlines the requirements that insurance brokers have to meet with regards to holding client money for which they are responsible.

      Rulebook Reference CL-A.1
      Added: April 2012

    • IM-3.2A.2

      Where an insurance broker receives payment from a client, it must maintain one or more premiums/contributions account and held client money separate from its own money.

      Rulebook Reference CL-1.1.1
      Added: April 2012

    • IM-3.2A.3

      Insurance brokers must ensure that they maintain proper records, sufficient to show and explain their transactions and commitments in respect of their client money.

      Rulebook Reference CL-1.2.1
      Added: April 2012

    • IM-3.2A.4

      Unremitted insurance premiums held in the client money account and uncollected premiums from insureds must be recorded as fiduciary assets on the balance sheet of the insurance broker.

      Rulebook Reference CL-1.3.4
      Added: April 2012

    • IM-3.2A.5

      Insurance brokers must pay to insurance firms premiums/contributions received no later than 15 calendar days from the date of the receipt of such amounts.

      Rulebook Reference CL-2.3.3
      Added: April 2012

    • IM-3.2A.6

      For brokerage activities, insurance brokers are prohibited from collecting additional charges (other than the quoted premiums/contributions) from clients.

      Rulebook Reference CL-2.3.5
      Added: April 2012

    • IM-3.2A.7

      Brokerage charged by insurance brokers cannot exceed 15% of the premiums/contributions quoted by insurance firms for motor and medical classes of business of direct general insurance business.

      Rulebook Reference CL-2.4.2
      Added: April 2012