Compensation for placing or negotiating insurance

No insurer, and no officer, employee, agent, or sub-agent thereof, and no broker, or collector shall directly or indirectly pay or allow, or agree to pay or allow compensation or anything of value to any person for placing or negotiating insurance on lives, property or interests in Belize, or for negotiating the continuance or renewal thereof, or for attempting to do so, who, at the date thereof, is not a licensed insurer or agent, broker, or collector and whoever knowingly contravenes this section commits an offence.