Partners Life Commission Correction


Latest news from Partners Life includes the implementation of a correction to address a commission payment error and the release of details for a June training course structured for new advisers.

Commission Correction

Advisers were informed this week that a small commission over-payment error has been discovered and addressed.

The error dates back to October 2017, when Partners Life released some additional level premium options to the market as part of a regular product review.

“Unfortunately at the time of the release, a systems bug occurred which meant that instead of correctly calculating renewal commissions on the total premium net of loyalty discount, renewal commissions started being calculated on the gross of loyalty discount premium,” stated the insurer in its communication to advisers.

“As a result all YRT renewal commissions payable on policies that have a loyalty discount applied, have been overpaid by approximately 2% since the next policy anniversary date after 1 October 2017.”

Partners Life says it has implemented a systems change to fix the issue, and that all renewal commissions received by impacted advisers from Wednesday 5 June onward will be correct.

In apologising for this minor error, the insurer alerted advisers they may notice a very small drop in the amounts they receive, given they will no longer be overpaid.

New Adviser Training Course

Partners Life says expressions of interest are now open for its three-day New Adviser Training Course taking place from Monday 24 to Wednesday 27 June.

The course, which is free of charge, is intended for new or recent advisers to the industry, and is intended to develop the skills and knowledge that advisers need to be successful.

To be conducted at Partners Life’s headquarters in Takapuna, the course will be preceded by a mandatory eLearn module that will cover:

  • An introduction to the industry
  • Consumer and Adviser Legislation
  • Introduction to Insurance Jargon
  • Product Fundamentals

Interested advisers or prospective advisers can click here to register.