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08 Apr 2021

From 12 April 2021 our new commission structure comes into effect.

This new simplified, commission structure will give you greater flexibility to tailor your commission solutions and ultimately drive better outcomes for your customers and your business.

Updating our commission to include best in market features reflects our ongoing commitment to you and helps ensure New Zealanders have continued access to the quality advice you provide.

What’s changing?

Renewal Commissions will now be paid from month two
We recognise that the servicing of your customers doesn’t start from month 13, it starts from the moment their policy is issued. 

With the new regulatory environment you’re now operating in, we acknowledge the extra time and work you’ll be dedicating to your business. So we want to support you further as you work harder to protect your customers.

From now on you’ll be paid all the commission
All Advisers, regardless of persistency level and/or Group affiliation, will now receive 100% of our documented commission rates. We can help facilitate any splitting of commissions you need to do, but you are in total control of where it goes.

We’re introducing an ‘as earned’ payment option
Choice matters. So we’re giving you option to receive your commission payments over the first two years, instead of upfront. With this option there’s no clawback if a policy was to lapse in the first two years.

More flexibility with our discounting options

To provide you more flexibility and options to suit your customer’s needs, we’re adding more selections to our discounting options and we’ve linked these to our spread commissions.

Updating our commission to include best in market features reflects our ongoing commitment to you and helps ensure New Zealanders have continued access to the quality advice you provide.

You can find out more about our updated commission structure including the rates tables below.

Download our Commission FAQs here.

For more information, please get in touch with your Business Partnership Manager.