351.05(1)No insurer and no officer, representative or employee of an insurer, and no managing general agent or agency shall directly or indirectly pay, or allow, or offer or agree to pay or allow, any commission or other compensation or anything of value to any person for acting or attempting or assuming to act as an agency, agent, restricted insurance representative, managing general agent or special insurance broker in respect of insurance in the Province or for having or claiming or appearing to have any influence or control over the insured or prospect for insurance, unless the agency, agent, restricted insurance representative, managing general agent or special insurance broker, as the case may be,

351.05(2)Nothing in subsection (1) affects the payment or allowance by an agent of part of the agent’s commission to agents or brokers licensed in another Province or territory.

351.05(3)An unlicensed agency, agent, special insurance broker, restricted insurance representative or managing general agent shall not be entitled to withhold anything paid on account of a premium and, if a premium is received, shall remit the full amount received to the insurer.

351.05(4)Nothing in this Act prevents an insurer from compensating a bona fide salaried employee of its head or branch office in respect of insurance issued by the employing insurer on the life of the employee, or requires that the employee be licensed as an agent to effect the insurance.