Section 40 of IA : Section 40: Prohibition Of Payment By Way Of Commission Or Otherwise For Procuring Business
IA
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Explanation using Example
Imagine Sarah wants to purchase a life insurance policy. She is approached by John, who claims he can help her find the best policy. John is not a licensed insurance agent or an intermediary; he's actually a freelance consultant. He promises Sarah that if she buys a policy through him, he'll give her a discount by sharing a portion of the commission he receives.
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