IMEB 3.2.2 Client money exception — firm as agent of insurer

(1) Client money of a firm does not include money received by the firm as agent of an insurer under a written agreement to which this rule applies.
(2) This rule applies to an agreement between a firm and an insurer if the agreement provides in relation to a client—
(a) that any premiums received by the firm from the client are received as agent of the insurer; and
(b) that the premiums are taken to be received by the insurer at the time they are received by the firm; and
(c) that any claims money or refund of premiums is only taken to be received by the client at the time the money or refund is paid to the client.

Note Money received by the firm as agent of an insurer under a written agreement to which this rule applies must not be paid into a client bank account (see rule 3.5.2).
Derived from QFCRA RM/2011-3 (as from 1st July 2011)