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  • CL-1.2 CL-1.2 Record Keeping

    • CL-1.2.1

      In accordance with Section GR-1.2, insurance brokers must ensure that proper records, sufficient to show and explain insurance brokers' transactions and commitments in respect of their client money, are maintained and demonstrate compliance with the provisions of this Module. These records must be retained for a period of a minimum of ten years after they are made, unless otherwise required by law.

      Amended: July 2023
      April 2012

    • CL-1.2.2

      An insurance broker that holds client money must:

      (a) Check its record-keeping and client money procedures regularly; and
      (b) Subject its record-keeping and client money procedures to an appropriate independent review (see Rule CL-1.3.3).
      Amended: July 2023
      April 2012

    • CL-1.2.3

      Records of the insurance broker must clearly show funds received and paid out allocated per client/transaction. For greater clarity, all client money and receivables from clients are to be shown on the balance sheet as fiduciary assets and there must be an offsetting fiduciary liability, representing the amounts payable by the insurance broker to the insurance firm (See Rule CL-1.3.4).

      Amended: July 2023
      April 2012