(1) An insurance intermediary shall keep a separate bank account for each of the following classes of business -
(a) an account in connection with premiums payable to insurers under contracts of non-life insurance, or money paid or payable to policyholders by undertakings authorised under the Regulations of 1976;
(b) an account in connection with premiums payable to insurers under contracts of life assurance, or money paid or payable to policyholders by undertakings authorised under the Regulations of 1984, and
(i) all moneys, other than commission payments and service charges, received by him in connection with either such class of business shall be paid into the appropriate account, and
(ii) neither the State nor any person shall have or obtain any recourse or right against money standing to the credit of such account or accounts in respect of a claim or right against an insurance intermediary until all proper claims against these moneys have been satisfied.
(2) The account to b