(1) An insurance intermediary shall not accept money from a client -
(a) in respect of a proposal unless it is accompanied by the completed proposal or the proposal has been accepted by the undertaking, or
(b) in respect of a renewal of a policy of insurance unless it has been invited by the undertaking.
(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).
(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
(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,
he shall serve on the client a document stating that it is issued in pursuance of this section and specifying -