(1) If the Bank thinks the commission payments of the holder of an authorisation are excessive, it may (but only with the consent of the Minister) send the holder a commission reduction notice requiring it to reduce the commission payments relating to its insurance business, or specified classes of insurance business, to not more than such level or levels as are specified in the notice.
(2) A commission reduction notice -
(a) must be in writing, and
(b) takes effect 2 months after the date on which it was sent or on such later date as may be specified in the notice.
(3) The Bank may specify levels of commission in a commission reduction notice in such manner, and by reference to such criteria, as it thinks fit.
(4) As soon as practicable after sending a commission reduction notice to the holder of an authorisation, the Bank shall send a copy of the notice to all other holders of authorisations.
(5) The holder of an authorisation to whom a commission reduction notice or a copy of it is
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