357(1)A special insurance broker licensed under this Act shall accept applications for insurance with unlicensed insurers only from the insured, a licensed agent or another licensed special insurance broker and shall not pay or allow compensation or anything of value in respect of the application to any person not licensed as an agent or special insurance broker under this Act.

357(2)A contract of insurance with an unlicensed insurer made by or through an agent not licensed as a special insurance broker under this Act shall be considered unlawfully made within the meaning of section 369.

357(3)If an insurance contract is not made or cancelled due to a special insurance broker’s failure or neglect to remit a premium to the insurer, the special insurance broker shall be personally liable to the insured or intended insured in the same manner as if the insurance contract had been made or not cancelled and the special insurance broker was the insurer.