Long Term Insurance Act, 1998 (Act No. 52 of 1998)RegulationsRegulations under the Long-term Insurance Act, 1998Part 3 : RemunerationPart 3B : Investment policies that started on or after 1 January 20093.12 Maximum commission |
| (1) | The maximum commission that may be paid in respect of a multiple premium policy, is an amount equal to 5% of each premium. |
(2)
| (a) | Subject to paragraph (b), the maximum commission that may be paid in respect of a single premium policy is an amount equal to 3% of the premium, |
| (b) | The maximum commission that may be paid in respect of a single premium policy— |
| (i) | of which the policy benefit is an immediate annuity, is an amount equal to 1.5% of the premium; |
| (ii) | that is a fund member policy which funds a retirement annuity fund, upon a transfer from a fund other than a retirement annuity fund, is an amount equal to 1.5% of the premium; |
| (iii) | that is a fund member policy which funds a retirement annuity fund, upon a transfer from a retirement annuity fund, is nil; |
| (iv) | that is a fund member policy which funds a preservation fund, upon a transfer from a fund other than a preservation fund, is an amount equal to 1.5% of the premium; |
| (v) | that is a fund member policy which funds a preservation fund, upon a transfer from a preservation fund, is nil; |
| (vi) | that is a fund member policy, which does not fund a retirement annuity fund or a preservation fund, upon a transfer from another fund, is an amount equal to 1.5% of the premium. |