is at material variance with the trustee's duties.1
- (1) 17
any amount of commission due from the intermediary to the insurer in accordance with an indemnity commission clawback arrangement remains outstanding for four months after the date when the insurer gave notice to the intermediary that the relevant premium had not been paid; or
any amount of commission due from the intermediary to the insurer as a result of either the cancellation of an investment agreement or overpayment of commission remains outstanding for four months after the date on which the insurer gave notice to the intermediary that cancellation or overpayment had occurred.
A notification in (1):
need not be given unless the total amounts outstanding under (1)(a) and (b) in respect of the intermediary exceed £1,000; and
must give the identity of the intermediary and the amount of commission which remains outstanding.
In (1) an "indemnity commission clawback arrangement" is an arrangement under which:
- (1) 111117
to operate a money service business or a trust or company service provider.1111
The notification referred to in (1) should be made in accordance with the requirements in SUP 15.7 (Form and method of notification)
- (1) 17
- (2) 17