Insurance (Agents and Brokers) Act 1984 No. 75 of 1984 - SECT 37 Certain moneys to be trust moneys

Insurance (Agents and Brokers) Act 1984 No. 75 of 1984 - SECT 37

37. (1) Moneys paid to a person (not being a registered insurance broker) as
agent of an insurer, being moneys paid in relation to a contract of insurance
or proposed contract of insurance, are subject to a trust in favour of the
insurer and are not capable of being attached or otherwise taken in execution
or of being made subject to a set-off, charge or charging order or to any
process of a like nature.

(2) Unless the moneys are paid by cheque payable to the insurer, the person
shall, as soon as is reasonably practicable-

   (a)  give a receipt for the moneys to the person by whom they were paid;
        and

   (b)  state on the receipt the name and a place of business of the insurer.

(3) The person shall, as soon as is reasonably practicable, pay the moneys to
the insurer.

(4) An act done in contravention of sub-section (2) or (3) constitutes an
offence against that sub-section notwithstanding that it was done with the
consent of the insurer.

Penalty:

   (a)  in the case of a natural person-$1,000; or

   (b)  in the case of a corporation-$5,000.