Long Term Insurance Act, 1998 (Act No. 52 of 1998)RegulationsRegulations under the Long-term Insurance Act, 1998Part 3 : RemunerationPart 3A : Limitation on Remuneration for Rendering Services as Intermediary - Policies other than Policies to which Part B AppliesAnnexure 2 : Scale A |
ANNEXURE 2 : SCALE A
1. Normal commission
MAXIMUM COMMISSION AS PERCENTAGE OF ANNUALISED PREMIUM UNDER A GROUP SCHEME OR FUND POLICY |
ANNUALISED PREMIUM OF WHICH THE AMOUNT— |
|
EXCEEDS |
DOES NOT EXCEED |
|
% |
R |
R |
7,5% |
|
200 000 |
5,0% |
200 000 |
300 000 |
3,0% |
300 000 |
600 000 |
2,0% |
600 000 |
2 000 000 |
1,0% |
2 000 000 |
UNLIMITED |
[Annexure 2(1) substituted by regulation 4(v) of Notice No. 1437 of 2017]
2. Special commission
In addition to the normal commission contemplated in paragraph 1, there may be paid, once only and only in respect of the period of 12 months following the date on which the group scheme or fund policy is established, a special commission equal to the lesser of—
| (a) | 7,5 per cent of the total premium payable during that period of 12 months; or |
| (b) | R7 500. |
[Annexure 2(2)(b) substituted by regulation 4(w) of Notice No. 1437 of 2017]
[Part 3 amended by regulation 2(a) of Notice No. R164 of 2002]