(1) An insurance intermediary shall not accept money from a client unless the insurance intermediary is authorised by the supervisory authority or otherwise permitted under section 26 of this Act to do so and -
(a) in respect of a proposal, unless it is accompanied by the completed proposal or unless the proposal has been accepted by the insurance undertaking, or
(b) in respect of a renewal of a policy of insurance, unless the renewal has been invited by the insurance undertaking.
(2) The supervisory authority may prescribe any alteration or addition to the circumstances in which an insurance intermediary may accept money from a client under subsection (1) of this section.
(3) Where an insurance intermediary accepts from a client -
(a) a completed insurance proposal, accompanied by a payment of money, with a view to effecting with an undertaking a policy of insurance, or
(b) money in respect of a proposal accepted by an undertaking or in respect of renewal of a policy of insurance