s 24 Regulation of payment of remuneration
24.—(1) Any licensed insurer must not pay to any licensed financial adviser or exempt financial adviser, or a representative or a supervisor of any licensed financial adviser or exempt financial adviser, any remuneration in relation to —(a) the provision of any financial advisory service in connection with any life policy; or (b) the sale of any life policy following the provision of any financial advisory service, except in accordance with regulations made under section 154 or a written notice issued by the Authority. [19/2015] (2) The regulations or written notice referred to in subsection (1) may prescribe or specify the following:(a) the type and amount of the remuneration which may be payable in any particular period; (b) how the payment is to be made.[19/2015] (3) Subsection (1) applies only to payment of remuneration which accrues —(a) on or after 1 January 2016; and (b) under any agreement or arrangement whether made before, on or after 1 January 2016.[19/2015] (4) Any licensed insurer required to comply with subsection (1) must do so despite —(a) any written law in force on 1 January 2016 or any rule of law to the contrary; or (b) any agreement or arrangement entered into before, on or after 1 January 2016.[19/2015] (5) Any licensed insurer which complies with subsection (1) is not to be treated as having breached —(a) any rule of law or written law referred to in subsection (4)(a); or (b) any agreement or arrangement referred to in subsection (4)(b) which was entered into before 1 January 2016, and no such agreement or arrangement is taken to be brought to an end by frustration solely by reason of any act done in compliance with subsection (1), or any regulation or written notice referred to in that subsection. [19/2015] (6) Any licensed insurer which contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000 and, in the case of a continuing offence, to a further fine not exceeding $2,500 for every day or part of a day during which the offence continues after conviction.[19/2015] (7) In this section —“remuneration” includes —(a) any monetary commission, incentive, benefit or reward; (b) any non-monetary incentive, benefit or reward; and (c) such other consideration as prescribed under section 154 or specified by the Authority by written notice; “supervisor”, in relation to a financial adviser, has the meaning given by section 2(1) of the Financial Advisers Act 2001.[26 [19/2015]