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Remuneration calendars
How to read a commission statement
If remuneration deposits are from Resolution Life, the following information is displayed on licensee bank accounts:
Company name – Resolution Life
Payee ID – 6-digit code and NNNNN-N codes
For example:
Date | Company name Payee ID | Amount
|
2/09/2024 | Resolution Life 242271 | $4,443.31 |
2/09/2024 | Resolution Life NDNGS-E | $1,268.01 |
If the statement does not have the requirements as described above, the deposit was made by another party.
For example:
In these cases, please contact your bank or financial institution to confirm which company made these deposits.
FAQs
Where can advisers view their commission statements?
Resolution Life does not currently publish commission statements for financial advisers. We publish this for licensees only. Therefore, advisers must contact their licensee to obtain commission statements
Where can I obtain a commission report?
You may request a commission report from the adviser remuneration team by sending a request email to Adviserremuneration@resolutionlife.com.au
You will need to supply the Adviser’s name and their code.
When do advisers get paid and what are the cut-off dates?
Please refer to the commission calendars above.
Can I remove or dial down commission from an existing policy?
No, this cannot be done, including due to product and system constraints.
What are the current commission rates?
For information about current commission rates, please contact the adviser remuneration team for further information.
How can I view the commission rate on an existing policy?
Unfortunately, this cannot be viewed on the portal currently. Please contact the adviser remuneration team for further information.
If you are sending the request on behalf of the adviser, please provide the Adviser’s name, and their code as well as the client’s name and policy number.
Are commissions paid on transfers?
Generally, where cover was transferred from another policy, new business commissions are generated at the commencement of the new policy using the same rate as the renewal commission rate. Please note, the responsibility period applies to new business commissions.
For further information about commission rules on responsibility period and transfer rules, please contact the adviser remuneration team.
Are commissions paid on increases?
New business commission is payable on increases by endorsement, which include:
• increases of contracted premium on the existing base plan and additional benefits; and
• increases in contracted premium arising from the addition of a benefit not previously attached to the plan
Any increase by endorsement will be paid new business commission at the commission rate that applied when the original policy commenced.
Important information
Where the information on this website is factual information only, it does not contain any financial product advice or make any recommendations about a financial product or service being right for you. Any advice is provided by Resolution Life Australasia Limited ABN 84 079 300 379, AFSL No. 233671 (Resolution Life), is general advice and does not take into account your objectives, financial situation or needs. Before acting on this advice, you should consider the appropriateness of the advice having regard to your objectives, financial situation and needs, as well as the product disclosure statement and policy document for the product. Any guarantee offered in the product is only provided by Resolution Life. Any Target Market Determinations for our products can be found at resolutionlife.com.au/target-market-determinations.
Resolution Life does not make any representation or warranty as to the accuracy, reliability or completeness of material on this website nor accepts any liability or responsibility for any acts or decisions based on such information.
Resolution Life can be contacted at resolutionlife.com.au/contact-us or by calling 133 731.
