Commissions to Brokers are paid by the third working day of each month. We pay commission on a preliminary basis for the current month and a reconciled figure of the final for the previous month. In real terms, this means that we are funding commission on those policies that are returned as unpaid by the policyholders.

Cashflow Benefit 

There is thus a cashflow benefit to the brokers in the sense that they receive their commissions upfront. This furthermore inspires the brokers to manage their portfolios better in terms of premium collection. Commissions are paid electronically into the bank account of the broker. Insurers are paid in terms of section 45 of the Insurance Act.

IGF Guarantee

In order to legitimately collect premiums on behalf of insurers, we have an IGF (Intermediaries Guarantee Facility) policy that protects the policyholders, should anything untoward happen to their premiums. In order to obtain such a guarantee, the Financial Services Board carries out audits to ensure that the intermediaries comply with the required standards for financial control.