Insurance Act, 1989
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Insurance intermediaries appointment and commission payments. |
46.—(1) An undertaking shall not appoint a person as an insurance intermediary unless, to the best of the undertaking's knowledge and belief, having caused reasonable enquiry to be made he is either— | |
(a) a member of a representative body of insurance brokers recognised by the Minister for the purposes of section 44 (1) (a), or | ||
(b) a person who complies with the requirements of this Act but is not a member of a recognised representative body. | ||
(2) An undertaking shall not pay any commission payment other than to an insurance intermediary who, to the best of the undertaking's knowledge and belief, having caused reasonable enquiry to be made, is either— | ||
(a) a member of a representative body of insurance brokers recognised by the Minister for the purposes of section 44 (1) (a), or | ||
(b) a person who complies with the provisions of this Act but is not a member of a recognised representative body. | ||
(3) No insurance intermediary or employee of an undertaking shall pay any commission payment other than to an insurance intermediary who complies with this Act, save where a commission payment is made by an insurance intermediary to a person in connection with a policy of insurance placed with an undertaking by the said intermediary. | ||
(4) “Commission payment” in subsection (3) has the meaning given to it in section 2 (3) as if the words “holder of an authorisation” in that definition referred to an insurance intermediary. |