Section 76: Annual fee for insurance salespersons

76. Annual fee for insurance salespersons (1) The Commission may, in respect of every insurance salesperson, levy such annual fee as may be specified in FSC Rules. (2) The annual fee shall be paid by the insurer or insurance agent, as the case may be, by such date as may be specified in FSC Rules. (3) Where payment of the annual fee is offered to be made after the date specified in FSC Rules— (a) the Commission shall not be bound to accept the payment; (b) the insurer or insurance agent shall be liable to pay to the Commission, in addition to the annual fee, such additional charge as may be specified in FSC Rules; [Issue 4] I15 – 52 Revised Laws of Mauritius (c) the Commission may, after giving prior written notice of not less than 15 days to the insurer or insurance agent, terminate the registration of the insurance salesperson on such conditions as may be determined by the Commission. (4) (a) Where the registration of an insurance salesperson is terminated under subsection (3) (c), the name of that salesperson shall be removed from the register referred to in section 75 (2). (b) An insurer or insurance agent shall not allow a person whose name as insurance salesperson has been removed from the register to act for him or on his behalf. (5) An insurer or insurance agent shall keep and maintain, at its or his principal place of business, an updated list of its or his insurance salespersons and provide, on demand by the Commission, a copy of the updated list. [S. 76 repealed and replaced by s. 15 of Act 20 of 2011 w.e.f. 16 July 2011.]