(1) An insurance agent, an insurance broker or an insurance salesman commits an offence where he or she receives money—
(a) from an insurer for the account of an insured and fails to pay over the same within 14 days; or
(b) from a client for the account of an insurer and fails to pay over the same less any commission and other deduction to which he or she may be agreement be entitled, within 30 days after demand for payment made in writing.
(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.