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].