Chubb Life Insurance NZ is making some changes to the way it calculates its commission clawbacks, and the insurer says the adjustment is designed to make things easier for advisers and its people.
In an adviser newsletter Chubb Life says clawbacks are currently calculated as a percentage of the total upfront commission paid, based on the number of premiums a customer has paid over a 24-month period.
“From 20 October, we’ll calculate clawbacks based on the number of months elapsed since the start date of the new policy or benefit,” the update says.
“This adjustment is designed to reduce complexity, particularly in scenarios involving policy suspensions or arrears.”
Chubb Life says its believes this change will create a more streamlined and transparent process for advisers.
It also notes that revised Remuneration Schedules will be sent directly to those holding a Master Agency.