Final answer:
Three conditions must be met for an IA to pay commissions to solicitors for bringing in business: legal compliance, a written agreement, and services rendered.
Step-by-step explanation:
Three conditions must be met for an IA to pay commissions to solicitors for bringing in business:
- Legal Compliance: The IA must comply with the laws and regulations governing commission payments to solicitors. This includes ensuring that all payments are made in accordance with applicable laws and regulations.
- Written Agreement: There must be a written agreement between the IA and the solicitors, clearly outlining the terms and conditions of the commission payments. This agreement should specify the commission structure, the criteria for determining the commissions, and any other relevant details.
- Services Rendered: The solicitors must have performed the services stipulated in the agreement, such as bringing in new business or generating leads. The commission payment should be based on the successful completion of the agreed-upon services.