1. Membership

The Association shall consist of company memberships as defined in the Articles of Association of which include corporations.

Members of the Association, being “insurance brokers”, professionally represent buyers of insurance contracts with a view of the conclusion of such contracts and owe primary fiduciary responsibility to those buyers.  It is also the duty of the insurance broker to assist, when appropriate, in the administration and performance of such contracts, and in particular, in the event of a claim.

1A. Nominated Accounts

For the purpose of these regulations, the term “Nominated Accounts” shall mean one or more separate cheque accounts, deposit accounts or other interest bearing facilities offered by institutions duly authorised under the Banking Ordinance, any of such institutions’ overseas branches or any bank which would be an “exempted person” for the purposes of paragraph 8 of Schedule 1 to the Money Lenders Ordinance, each of which shall be designated as a “Nominated Accounts” to hold all money due to third parties, including clients, insurers, re-insurers and other insurance intermediaries.