Insurance Act, 1989

Prohibition of certain commission payments.

38.—Whenever the Minister considers it necessary in the public interest he may provide by order that the holder of an authorisation shall not—

(a) pay commission payments in the form of any benefit in kind or in the form of any loan of money made by the holder to an intermediary, or made on the holder's behalf by another person to an intermediary;

(b) subject to such exceptions and conditions as may be specified in the order, pay to, or credit to the account of, an insurance intermediary a commission payment in respect of a policy of insurance until the premium to which the commission payment relates is received by the holder or the intermediary on behalf of the holder, as the case may be.