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Acceptance by intermediary of insurance proposals.
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52.—(1) An insurance intermediary shall not accept money from a client—
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(a) in respect of a proposal unless it is accompanied by the completed proposal or the proposal has been accepted by the undertaking, or
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(b) in respect of a renewal of a policy of insurance unless it has been invited by the undertaking.
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(2) The Minister may prescribe any alterations or additions to the circumstances in which an intermediary may accept money from a client under subsection (1).
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(3) (a) Where an insurance intermediary accepts from a client a completed insurance proposal, whether or not accompanied by a sum of money, with a view to effecting with an undertaking a policy of insurance, or
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(b) where an insurance intermediary accepts money from a client in respect of a renewal of a policy of insurance which has been invited by the insurer or in respect of a proposal accepted by an undertaking,
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he shall serve on the client a document stating that it is issued in pursuance of this section and specifying—
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(i) the name and address of the client;
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(ii) the amount of the said sum if any and the date of its receipt by the intermediary;
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(iii) the proposal, renewal or proposal accepted by an undertaking in respect of which such sum was paid;
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(iv) the undertaking with which the policy is to be effected or renewed or by whom the proposal has been accepted.
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(4) The document to be issued by intermediaries in a case to which subsection (3) (a) applies shall also specify that such acceptance by the intermediary does not itself constitute the effecting of a policy of insurance.
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(5) Subsections (3) and (4) shall not apply where the intermediary, having authority to do so, issues to the client a policy of insurance with the undertaking.
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(6) The Minister may prescribe any alterations or additions to the matters to be specified in documents required to be issued by intermediaries under subsections (3) and (4).
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(7) A document purporting to be a document to which subsection (3) or subsection (4) applies shall, without further proof, be evidence of the matters specified therein unless the contrary is proved.
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