Section 73: Separate accounts for premium received

73. Separate accounts for premium received (1) No insurance manager, insurance agent or insurance broker, as the case may be, shall receive, hold, or in any other manner deal with, or shall be allowed by an insurer to receive, hold and deal with, premiums payable under an insurance policy, other than a reinsurance treaty entered into or to be entered into with an insurer, otherwise than in accordance with this Act, the FSC Rules or guidelines issued under this Act. (2) An insurance manager, insurance agent or insurance broker shall open and maintain a bank account for the keeping of premiums received under subsection (1) and such account shall be separate from any account which the insurance manager, insurance agent and insurance broker, as the case may be, may open and maintain for the keeping of its own funds. (3) Any insurance manager, insurance agent or insurance broker who receives payment of premium from a policy holder on behalf of an insurer, shall pay the premium, less any commission and other deductions to which, by written consent of the insurer, he is entitled, to the insurer within 30 days of its receipt or such shorter period as may be agreed in advance by the insurer. [S. 73 amended by s. 23 of Act 16 of 2007 w.e.f. 28 September 2007.]