Section 40: Insurance brokers to establish client's account.

(1) An insurance broker shall establish and maintain at all times a client's accounts into which all monies, premiums, claims and recoveries from and on behalf of clients, insurers and reinsurers shall be paid.
(2) An insurance broker who contravenes the provisions of subsection (1) of this section is guilty of an offence and liable on a conviction to a fine of N250,000 or to imprisonment for a term of 3 years or to both such fine and imprisonment.