(1) The Advisory Committee shall provide the necessary advice to the Committee to determine the rate of fees that the Insurer can charge to the Insured when carrying out insurance business.
(2) Sub-rule (1) In consultation with BMOJAM Advisory Committee, no insurer shall be allowed to carry out insurance business by fixing the fee rate which differs from the rate determined by the committee.
(3) According to sub-rule (2), if an insurer conducts insurance business in a way that differs from the rate of insurance fee determined by the committee, the committee may completely or partially stop or cancel the insurance business conducted by such insurer, if such insurance business was conducted by any other insurer before that. Arrangements should be made to transfer the insurance business to the former insurer and, in the absence of the former insurer, to other insurers.