Commissions and reductions of premiums

Where a rate of premium is approved by an actuary in respect of any class of policy the company shall not, except with the approval of an actuary, pay or allow in respect of any policy of that class a commission or reduction of premium at a rate greater than– (a) the maximum rate of commission or reduction of premium to which the first mentioned actuary had regard when approving the rate of premium; or 133 (b) the maximum rate of commission or reduction of premium payable by the company, immediately before the commencement of this Act, in respect of policies of that class (if any) issued at the rate of premium so approved, whichever is the greater.