We recently notified you of changes to the Weekly Remuneration Statements. We have received feedback from many of your Licensees requesting that our modifications align with their processing needs. With this in mind we have revised some of the recently added fields on the excel version of the remuneration statements to ensure that your Licensee can easily process commission payments.
What we have changed:
1. We have reinserted the Product Name into the excel remuneration statement in its original column location. The recently included Benefit Name column will sit alongside this.
2. We have still included the necessary LIF indicators which needed to be added to help identify policies that are under LIF regulation:
- LIF18 – Commission payments specified for 2018 (80% + GST)
- LIF19 – Commission payments specified for 2019 (70% + GST)
- LIF – Commission payments 2020+ (60% + GST)
- Non LIF – Policies and benefits that are grandfathered or Level commission structure
- “Blank” – For miscellaneous adjustments and AIA Vitality transactions
We have also regenerated the excel remuneration statements for the 3rd and 10th of May, 2018. These were made available on the 18th of May to support your Licensees in managing these remuneration runs correctly.
Please find below an example of the format on the excel remuneration statement.