Paying over of premiums to insurer

(1) An insurance agent, sub-agent, broker, collector or commits an offence where he receives money– (a) from an insurer for the account of an insured and fails to pay over same within fifteen days; (b) from a client for the account of an insurer and fails to pay over same to the insurer within thirty days after the receipt by him of the premium; or (c) in the case of an agent or a broker, he may with the agreement, in writing, of the insurer deduct any commission or other monies to which he is entitled by the agreement before paying over the premium. 124 (2) Where an insurer at the request of an insurance broker provides cover to an insured, the insurance broker is liable to the insurer for the premium due in respect of such cover and such premium may be sued for and recovered from the insurance broker as a civil debt.