{"id":47469,"date":"2019-12-10T16:54:54","date_gmt":"2019-12-10T05:54:54","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=47469"},"modified":"2019-12-11T06:45:53","modified_gmt":"2019-12-10T19:45:53","slug":"adviser-heads-up-on-2020-commissions","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2019\/12\/10\/adviser-heads-up-on-2020-commissions\/","title":{"rendered":"Adviser Heads-Up on 2020 Commissions"},"content":{"rendered":"<p>Advisers have been reminded that any new life insurance business submitted in 2019 but completed in 2020 will be subject to the 2020 Life Insurance Framework remuneration levels.<\/p>\n<p><!--more-->Typical of notices being issued is a reminder that was sent by <a href=\"http:\/\/www.onepath.com.au\/insurances\/life-insurance.aspx\" target=\"_blank\" rel=\"noopener noreferrer\">OnePath Life<\/a> to its network of advisers in late October. The insurer clarified that for advisers to receive the current maximum 77% hybrid commission rate available under the Life Insurance Framework remuneration transition period, the submitted policy application will need to be in force by 31 December 2019.<\/p>\n<p><a href=\"https:\/\/riskinfo.com.au\/news\/files\/2019\/12\/191210-OnePath-on-Commissions.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-47474\" src=\"https:\/\/riskinfo.com.au\/news\/files\/2019\/12\/191210-OnePath-on-Commissions.png\" alt=\"\" width=\"512\" height=\"77\" srcset=\"https:\/\/riskinfo.com.au\/news\/files\/2019\/12\/191210-OnePath-on-Commissions.png 678w, https:\/\/riskinfo.com.au\/news\/files\/2019\/12\/191210-OnePath-on-Commissions-300x45.png 300w\" sizes=\"auto, (max-width: 512px) 100vw, 512px\" \/><\/a><a href=\"https:\/\/riskinfo.com.au\/news\/files\/2019\/12\/191210-OnePath-on-Commissions-Logo.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-47475\" src=\"https:\/\/riskinfo.com.au\/news\/files\/2019\/12\/191210-OnePath-on-Commissions-Logo.png\" alt=\"\" width=\"157\" height=\"61\" \/><\/a><\/p>\n<p>OnePath reaffirmed to advisers the Life Insurance Framework legislation mandates that no transition period is allowable for business submitted prior to the end of 2019 and accepted from 1 January 2020. It confirms any new business coming into force from 1 January 2020 will have a maximum hybrid commission rate of 66% in the first year (60% plus GST) and 22% (20% plus GST) ongoing trail commissions.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Advisers have been reminded that any new life insurance business submitted in 2019 but completed in 2020 will be subject to the 2020 Life Insurance Framework remuneration levels.<\/p>\n","protected":false},"author":3,"featured_media":47507,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,270],"tags":[4247],"class_list":{"0":"post-47469","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-compliance-regulation","8":"category-remuneration","9":"tag-feature"},"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/47469","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=47469"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/47469\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/47507"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=47469"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=47469"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=47469"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}