364(1)When the following persons receive trust money, the person shall have at least one account for deposits and the account shall be designated as a trust account both in the books of the person and in the records of the institution: 

364(2)Despite subsection (1), if a licence of a person referred to in subsection (1) is suspended or cancelled under this Act, the Superintendent may order the institution in which the person’s trust account is held to refrain from paying out all or any part of the money in the account for the period of the suspension or cancellation.

364(1)An agent or broker shall have at least one account for deposits in an institution that has in force a policy of insurance for such deposits under the Canada Deposit Insurance Corporation Act, chapter C-3 of the Revised Statutes of Canada, 1970, and such account shall be designated as a trust account both in his books and in the records of the institution.

364(1.1)Despite anything else in this section, if the licence of an agent or a broker is suspended or cancelled under this Act, the Superintendent may order the institution in which the agent or broker’s trust account is held to refrain from paying out all or any part of the money in the account for the period of the suspension or cancellation.

364(2)An agent or broker shall, immediately upon receipt, pay into the trust account referred to in subsection (1) any money or other consideration held or received on account of an insurer or an insured.

364(3)No agent or broker shall draw money from a trust account except

364(4)An agent or broker who acts in negotiating, renewing or continuing a contract of insurance, other than life insurance, with a licensed insurer and who receives from an insured any money or other consideration as a premium for such contract shall pay such premium over to the insurer within fifteen days after written demand made upon him therefor, less his commission and any deductions to which, by the written consent of the insurer, he is entitled.

364(5)An agent or broker who receives any money or premium credit from an insurer or general agent which represents return premium due an insured shall pay such return premium over to the insured within fifteen days after written demand made upon him therefor, plus any unearned commission or other refund to which the insured is entitled.

364(6)If an agent or broker fails to pay a premium over to an insurer under subsection (4) or a return premium over to an insured under subsection (5), such failure shall be evidence that he has applied such premium or return premium to his own use or to a use contrary to his trust.

364(1)An agent or broker shall have at least one account for deposits in an institution that has in force a policy of insurance for such deposits under the Canada Deposit Insurance Corporation Act, chapter C-3 of the Revised Statutes of Canada, 1970, and such account shall be designated as a trust account both in his books and in the records of the institution.

364(2)An agent or broker shall, immediately upon receipt, pay into the trust account referred to in subsection (1) any money or other consideration held or received on account of an insurer or an insured.

364(3)No agent or broker shall draw money from a trust account except

364(4)An agent or broker who acts in negotiating, renewing or continuing a contract of insurance, other than life insurance, with a licensed insurer and who receives from an insured any money or other consideration as a premium for such contract shall pay such premium over to the insurer within fifteen days after written demand made upon him therefor, less his commission and any deductions to which, by the written consent of the insurer, he is entitled.

364(5)An agent or broker who receives any money or premium credit from an insurer or general agent which represents return premium due an insured shall pay such return premium over to the insured within fifteen days after written demand made upon him therefor, plus any unearned commission or other refund to which the insured is entitled.

364(6)If an agent or broker fails to pay a premium over to an insurer under subsection (4) or a return premium over to an insured under subsection (5), such failure shall be evidence that he has applied such premium or return premium to his own use or to a use contrary to his trust.

364(1)An agent or broker shall have at least one account for deposits in an institution that has in force a policy of insurance for such deposits under the Canada Deposit Insurance Corporation Act, chapter C-3 of the Revised Statutes of Canada, 1970, and such account shall be designated as a trust account both in his books and in the records of the institution.

364(2)An agent or broker shall, immediately upon receipt, pay into the trust account referred to in subsection (1) any money or other consideration held or received on account of an insurer or an insured.

364(3)No agent or broker shall draw money from a trust account except

364(4)An agent or broker who acts in negotiating, renewing or continuing a contract of insurance, other than life insurance, with a licensed insurer and who receives from an insured any money or other consideration as a premium for such contract shall pay such premium over to the insurer within fifteen days after written demand made upon him therefor, less his commission and any deductions to which, by the written consent of the insurer, he is entitled.

364(5)An agent or broker who receives any money or premium credit from an insurer or general agent which represents return premium due an insured shall pay such return premium over to the insured within fifteen days after written demand made upon him therefor, plus any unearned commission or other refund to which the insured is entitled.

364(6)If an agent or broker fails to pay a premium over to an insurer under subsection (4) or a return premium over to an insured under subsection (5), such failure shall be evidence that he has applied such premium or return premium to his own use or to a use contrary to his trust.

364(1)An agent or broker shall have at least one account for deposits in an institution that has in force a policy of insurance for such deposits under the Canada Deposit Insurance Corporation Act, chapter C-3 of the Revised Statutes of Canada, 1970, and such account shall be designated as a trust account both in his books and in the records of the institution.

364(2)An agent or broker shall, immediately upon receipt, pay into the trust account referred to in subsection (1) any money or other consideration held or received on account of an insurer or an insured.

364(3)No money shall be drawn from a trust account except

364(4)An agent or broker who acts in negotiating, renewing or continuing a contract of insurance, other than life insurance, with a licensed insurer and who receives from an insured any money or other consideration as a premium for such contract shall pay such premium over to the insurer within fifteen days after written demand made upon him therefor, less his commission and any deductions to which, by the written consent of the insurer, he is entitled.

364(5)An agent or broker who receives any money or premium credit from an insurer or general agent which represents return premium due an insured shall pay such return premium over to the insured within fifteen days after written demand made upon him therefor, plus any unearned commission or other refund to which the insured is entitled.

364(6)If an agent or broker fails to pay a premium over to an insurer under subsection (4) or a return premium over to an insured under subsection (5), such failure shall be evidence that he has applied such premium or return premium to his own use or to a use contrary to his trust.

364(7)An agent or broker who violates or fails to comply with subsection (1), (2), (3), (4) or (5) is guilty of an offence and is liable on summary conviction to a fine of not less than two thousand dollars and not more than five thousand dollars and in default of payment is liable to imprisonment in accordance with subsection 31(3) of the Summary Convictions Act.