(1) Where, at the date of placing or negotiating insurance a person is not registered as an insurance agent, an insurance broker or an insurance salesman, an insurer or an officer, employee or agent of the insurer shall not pay, agree to pay or allow to be paid to that person compensation or anything of value for placing, negotiating or attempting to place or negotiate insurance or for negotiating the continuance or renewal of insurance, other than reinsurance, on lives, property or interests in Saint Lucia.