Money in trust to be held in trust account
2021, c.8, s.81
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:Â
(a)
an adjuster or adjusting firm;
(d)
a managing general agent;
(e)
a restricted insurance representative; and
(f)
a special insurance broker.
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.
1968, c.6, s.361; 1973, c.52, s.5; 1978, c.30, s.8; 1983, c.42, s.4; 2008, c.11, s.14; 2016, c.36, s.7; 2021, c.8, s.82