IMEB 1.2.9 What is client money?

For these rules, client money of a firm is money—

(a) that the firm receives from or holds for a client in the course of, or in connection with, conducting insurance mediation in or from the QFC; or
(b) that the firm treats as client money in accordance with chapter 3.

Examples of money received in the course of, or in connection with, conducting insurance mediation

1 premium, additional premium and return premium of all kinds
2 claims and other amounts owing under contracts of insurance
3 refunds and salvages
4 fees, charges, taxes and similar fiscal levies relating to contracts of insurance
5 discounts, commissions and brokerage

Note Hold money is defined in rule 1.2.10 and insurance mediation is defined in rule 1.2.2. Money and client are defined in the glossary.
Derived from QFCRA RM/2011-3 (as from 1st July 2011)