Commission is payable on the 25th of each month. If the 25th falls on a Weekend or Public holiday, commission will be paid on the Friday before the weekend or the day before the public holiday.

Section: Commission Process

Commission is paid on every successful premium received and calculated on a sliding scale. Commission is reversed when a premium returns as unpaid or if any refund was processed. 

All premiums received and allocated between the 23rd of current month (Month 1) and 22nd of following month (Month 2) will be paid on the 25th of Month 2. 

Commission will only be paid to all brokers who are authorized on the FSCA website. Commission will be withheld for any brokers whose License has been Lapsed or Suspended; commission will not be paid retrospectively once broker has been authorized.

Commission Calculation:

Total Premium = R534.00 Gross Premium + R10 Broker Fee

1st Tier     = R60.00 Commission (R300 x 0.20%)

2nd Tier   = R35.10 Commission (R234 x 0.15%)

Therefore, on a premium of R534.00, broker will receive commission of R95.10 (R60.00 + R35.10).

Broker fees are paid separately and not included in commission calculation.