CN400

THIS NOTE SEEKS TO CLARIFY HOW INSURANCE BROKER AND INSURANCE INTERMEDIARY COMMISSION PAYMENT(S), SHOULD BE TREATED WHEN CALCULATING THE TOTAL MEASURED PROCUREMENT SPEND IN TERMS OF CODE SERIES FS400.

1. Introduction

Following the gazetting of the Amended Financial Code (Amended FSC) on 01 December 2017, Code Series FS400, paragraph 5.14 and paragraph 6.10 requires commission payments to brokers and intermediaries to contribute toward the total measured procurement spend in terms of the Amended FSC after the first three (3) years following the implementation date of the Amended FSC, (i.e. after 1 December 2020).