(1) This section applies to and in relation to a broker—
(2) This section applies notwithstanding anything to the contrary contained in the Insolvency Act 1967 or the Insolvency Act 2006 or the Companies Act 1993.
(3) Money in an insurance broking client account of a broker, and property in which money has been invested, shall be treated as though it was subject to a trust in favour of the persons entitled to the money or property, as the case may be.
(4) Money from such an account shall be paid as follows:
(5) If the money in the account that is available to make payments required under a particular paragraph (other than paragraph (a)) of subsection (4) are not sufficient to meet those payments in full, the payments required under the paragraph concerned shall be made proportionally.
(6) All money remaining after all payments have been made under subsection (4) shall be taken to be money payable to the broker.
(7) Nothing in the preceding provisions of this section prevents money in the account being invested in accordance with this Act by a person, other than the broker, who has lawful custody or control of the money.
Compare: Insurance (Agents and Brokers) Act 1984 s 28 (Aust)
Section 17(1)(b): amended, on 5 December 2013, by section 14 of the Companies Amendment Act 2013 (2013 No 111).
Section 17(1)(c): amended, on 3 December 2007, by section 445 of the Insolvency Act 2006 (2006 No 55).
Section 17(2): amended, on 5 December 2013, by section 14 of the Companies Amendment Act 2013 (2013 No 111).
Section 17(2): amended, on 3 December 2007, by section 445 of the Insolvency Act 2006 (2006 No 55).