Section 53: Limitation on the payment of insurance commission.

(1) No insurer shall pay by way of commission to an insurance agent, insurance broker or any other intermediary an amount-
(a) exceeding 12.5 per centum of the premium in respect of motor insurance business;
(b) 15 per centum in respect of workmen's compensation; or
(c) 20 per centum of the premium in respect of any other subdivision not being one mentioned in paragraph (a) and (b) of this subsection of general business.
(2) No alteration in the rates of a commission mentioned in subsection (1) of this section shall be made except with prior approval of the Commission.
(3) The rate of commission payable to insurance agent shall not be more than 50 per centum of the rate of commission payable to insurance brokers or as determined by the Commission, from time to time, on the recommendation of the ad-hoc committee appointed under section 52 of this Act.
(4) A person who pays or who receives any commission otherwise than in compliance with the provisions of this section commits an offence and is liable on conviction to a fine of N100,000 plus an additional fine being an amount equal to the excess commission.