Short-Term Insurance Act, 1998 (Act No. 53 of 1998)RegulationsRegulations under the Short-term Insurance Act, 1998 (Act No. 53 of 1998)Part 5 : Remuneration (Section 48)Part 5A : Limitation on Remuneration for Services as Intermediary5.3 Maximum commission payable |
(1) No commission shall exceed, in respect of—
| (a) | a motor policy, 12,5 per cent of the premium payable under the policy; |
| (b) | a contract identified as an accident and health policy in category 1, 2 and 3 in the table under regulation 7.2(1) of the Regulations, the maximum commission specified in column two of the Scale below (in relation to the monthly premium band specified in column 1); and |
| (b) | any other short-term policy, 20 per cent of the premium payable under the policy. |
SCALE
Monthly premium band |
Maximum Commission Level |
Column 1 |
Column 2 |
Above R1,200 |
5% |
R601 to $1,200 |
10% |
R300 to R600 |
15% |
Less than R300 |
20% |
[Regulation 5.3 substituted by regulation 1(a) of Notice No. 1582 of 2016]