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PART III
Payment of Commissions by Insurers
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Power of Minister to require reduction in commissions.
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37.—(1) (a) Where, in the opinion of the Minister, the commission payments of the holder of an authorisation are excessive, he may, by notice in writing sent to the holder, require the holder to reduce the commission payments of the holder in relation to insurance business, or specified classes of insurance business, after such date (not being less than two months after the date of the sending of the notice) as may be specified in the notice to not more than such level or levels as the Minister may specify in the notice.
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(b) Levels of commission payments may be specified by the Minister in a notice under this subsection in such manner and by reference to such matters as the Minister thinks fit.
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(c) Where the Minister sends a notice under this subsection to the holder of an authorisation, he shall at the same time send a copy of the notice to all other holders of authorisations and a holder of an authorisation to whom such a copy is sent shall not pay, or cause to be paid on his behalf, after the date specified in the notice, commission payments at a level higher than specified in that behalf in the notice.
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(2) A person—
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(a) to whom there is sent a notice under subsection (1) and who pays, or causes to be paid on his behalf, commission payments at a level higher than specified in that behalf in the notice, or
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(b) who contravenes subsection (1) (c),
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shall be guilty of an offence.
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(3) (a) The Minister may annul a notice under subsection (1) sent to the holder of an authorisation by sending a notice to the holder stating that the notice under subsection (1) is annulled from a specified date, and where a notice under this subsection is sent to the holder of an authorisation, the notice under subsection (1) to which it relates shall cease to have effect on the day specified for that purpose in the notice under this subsection.
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(b) Where the Minister sends a notice under this subsection to the holder of an authorisation, he shall at the same time send a copy of the notice to all other holders of authorisations.
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(c) References in subsection (2) and in the subsequent sections of this Act to a notice under subsection (1) or to a notice under this section are references to a notice under the said subsection (1) that is for the time being in force.
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(4) Where the Minister sends a notice under this section to any person, he shall, as soon as may be, cause notice of and particulars of the notice to be published in at least one daily newspaper circulating throughout the State.
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