Restriction as to receipt and payment of remuneration
35ZH.—(1)  An insurer shall not pay to a registered insurance broker, and a registered insurance broker shall not receive from an insurer, in respect of the arranging or effecting of contracts of insurance by the insurance broker with the insurer, remuneration at a rate or on a basis that has been varied, having regard solely to all or any of the following:
(a)the number of contracts so arranged or effected;
(b)the total amount of premiums paid or payable under such contracts;
(c)the total amount of sums insured under such contracts.
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(2)  Subsection (1) shall not apply to the receipt and payment of profit commissions.
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(3)  Any person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 12 months or to both and, in the case of a continuing offence, to a further fine not exceeding $5,000 for every day or part thereof during which the offence continues after conviction.
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(4)  This section shall not apply to general reinsurance brokers and life reinsurance brokers in respect of contracts for the reinsurance of liabilities under insurance policies.
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