(1) A company shall not issue any policy unless the rate of premium chargeable under the policy is a rate which has been approved by its actuary as being suitable for the class of policy to which the policy belongs.
(2) The Registrar may, at any time, require the company to obtain and to furnish him or her with a report by its actuary as to the suitability of the rate of premium chargeable under any class of policy issued by the company and, where the actuary considers that the rate is not suitable, a report as to the rate of premium which the actuary approves as suitable in respect of that class of policy.
(3) Where a requirement is made under subsection (2), the company shall not issue any policy of that class until it has, in accordance with the requirement, obtained the approval of its actuary as to the rate of premium.
(4) When approving a rate of premium under this section in respect of any class of policy an actuary shall have regard to—
(a) the maximum rate of commission proposed to be paid to any person; and
(b) the maximum rate of reduction of premium to be allowed to any person,
in respect of that class of policy.
(5) Where a rate of premium is approved by its actuary in respect of any class of policy the company shall not except with the approval of its actuary, pay or allow in respect of any policy of that class a commission or a reduction of premium at a rate greater than the maximum rate of commission or reduction of premium to which the actuary had regard when approving the rate of premium.