30Maximum commission payable to insurers’ agents

#### 30 Maximum commission payable to insurers’ agents 30 Maximum commission payable to insurers’ agents > > (1) For the purposes of calculating the amount of insurance premiums under this Part, the acquisition and policy administration expenses of a licensed insurer may not include, as the amount of commission or other remuneration payable to the insurer’s agent or agents for the issue of third-party policies by the insurer, an amount that exceeds 5% (or such other percentage as may be prescribed by the regulations) of the premium payable for policies. > > > (2) If more than one insurer’s agent acts in respect of a third-party policy, the maximum amount of commission or other remuneration under this section is the total amount payable to all those agents. > > > (3) In this section— > > > > commission or other remuneration does not include payment for business expenses incurred by an insurer’s agent. > > > > insurer’s agent means any insurance broker or commission agent acting for or on behalf of a licensed insurer in connection with the issue of third-party policies by the insurer. > > **s 30:** Am 2006 No 17, Sch 1 \[13\].