| (1) |
Primary commission shall not be paid or accepted before— |
| (a) |
the first premium period has commenced; or |
| (b) |
the premium in respect of which it is payable has been received by the long-term insurer concerned, except that, in the discretion of that insurer— |
| (i) |
in the case of a policy and benefit component of a kind specified in items 1.1, 2.1.1, 2.2.1, 3.2.1 and 5.1.1 of Table 1 or items 1(a), 4(a)(i), 4(b)(i), 5(a)(i)(aa), 5(a)(ii)(aa), 5(c)(ii)(aa), 6(a)(i), 7, 8(a) and 8(b)(i)(aa) of Table 2, primary commission may be paid and accepted in one or more amounts after the policy has been entered into; |
[Regulation 3.3(1)(b)(i) substituted by regulation 5(j) of Notice No. 1015, GG 41942, dated 28 September 2018]
| (ii) |
in the case of a group scheme or fund policy, primary commission in respect of a particular scheme year may be paid and accepted in one or more amounts after the policy has been entered into; and |
| (iii) |
in any other case, primary commission in respect of a particular premium period may be paid in one or more payments and accepted after the commencement of that premium period. |
| (2) |
Secondary commission may be paid and accepted in one or more amounts after the second premium period has commenced, at the discretion of the long-term insurer. |
| (3) |
If the full amount of primary or secondary commission is paid in more than one amount aggregating to that full amount, the long-term insurer concerned may pay interest at 15 per cent per annum, or such other rate of interest as may be prescribed by the Authority from time to time, compounded annually from the earliest date on which the full amount could have been paid, on any outstanding amount, until the full amount has been paid. |
Postal Services Act, 1998
