August 1st 2014, July 31st STRUCTURES GA qualification requirements: all advisers who have the following BFS levels will have GA

Transcription

1 Rules

2 1 QUALIFICATION PERIOD August 1st 2014, July 31st STRUCTURES GA qualification requirements: all advisers who have the following BFS levels will have GA qualification requirements, including the Executive Agent and Senior Agent levels that have adviser's structures below them: IFA qualification requirements: all advisers who have the following BFS levels will have IFA qualification requirements, including the International GA and General Agent levels that do not have adviser's structures below them: International GA (individual adviser) General Agent (individual adviser) Senior Agent Executive Agent International Agent The Epi's of those IFA advisers that are entered under their later category definition code, will not be taken into account. Therefore, they will have to qualify with their personal production. Senior GA Executive GA International GA (with one or more IFAs below) General Agent (with one or more IFAs below) MGA qualification requirements: all advisers who have the following BFS levels will have MGA qualification requirements: Senior MGA Executive MGA International MGA Any GA that under its structure has another General Agent Those advisers who have an IFA code, in addition to the GA or MGA code, will qualify with the requirements stipulated by the highest contract level, GA or MGA, and will not be able to qualify as IFA.

3 3 CHANGES IN STRUCTURE The adviser's initial category at the beginning of the qualification period will be taken into account, and will be maintained for the whole period. 4 CLIENT'S REASSIGNMENT Client's code transfers will be accepted within the qualification period, but will not generate credits for the Convention for the new adviser. 5 PERSONAL OR DIRECT RELATIVE BUSINESSES Personal businesses or IFA's, GA's direct relative businesses, presented within the last 60 days of the qualification period, will not accepted (31/05/2015). This Epi`s shall be deducted al the end of the period. 8 DISCOUNTS FOR STRUCTURE FUNDS I AND/OR II According to the BFS regulation, where a series of discounts related to the structure funds I and/or II levels for each category are stipulated, we inform you that the funds under management level will be taken into account starting from the qualification period date (01/08/2014). The discount applies only for the single and double qualification, and this will not be valid for other categories (For example Luxury and Royalty). % Discount IFA GA MGA 20% 40% 60% 80% 100% USD 2.5 USD 5.0 USD 7.5 USD 10.0 USD 12.5 USD 6.5 USD 9.0 USD 11.5 USD 14.0 USD 17.0 USD 17.0 USD 19.5 USD 22.0 USD 24.5 USD PERSISTENCE The qualified advisers must have an 87% minimum persistence of accounts, issued within the 24 months before the end of the qualification period. 7 50% PRODUCTION REQUIREMENT The 50% of the total production required for qualification must be reached at least two months before the end of the qualification period. Therefore, all advisers who have not reached that 50% by 31/05/2015 will not be able to qualify for the Convention.

4 9 BUSINESSES APPROVAL Only original applications will be accepted, with no outstanding requirements, and taking into account that the application must be physically in Aiva Uruguay the last working day of the qualification period (31/07/2015) and approved before 15/08/2015 inclusive (this implies that the initial collection date of the new business, cannot be after the above mentioned date). According to the different payment methods, the dates in which the business will generate Epi's for the Convention, are the following: Credit card: card collection date Cheque: sending date of the cheque to Old Mutual Transfer: funds accreditation date into the account Once the qualification period finished for the different payment methods, the business acceptance criteria will be the following: Regular plan or single contribution with credit card: payment up to and including 15/08/2015 (nevertheless, the card's information will have to be correctly received in Aiva before 31/07/2015). Regular plan or single contribution with cheque: payment no later than 31/07/2015. Regular plan or single contribution with wire transfer: if it is send directly to Old Mutual, it has to be sent before 31/07/2015, otherwise it has to be banked in the Money Broker's account no later than 31/07/2015.

5 10 EPI'S CALCULATION BY PRODUCT 12 PREMIUM CURRENCY Regular contributions: New businesses: annual contributions Top ups: 10% of each new contribution Increases: Epis will only be generated when the increase is exceeds the amount of the top historical contribution. For those plans in which the premium currency is not US Dollars, the conversion to the above mentioned currency will be made, using the exchange rate corresponding to the Old Mutual plan approval date. Single contributions: MCA, LIP, EIP, ERB, EIB, CRB: 10% of every new contribution, whether it s a Top-Up or new business, with the exception of C structures where 2,5% will be accounted. Only the period s net Epi s are taken into account. This means the Epi s generated by new businesses approved at the latest by August 15, 2015, except for the Epi s that correspond to those businesses in a lapsed status during the qualification period and that remain in the same status at the end of the closing period, regardless of the date in which the business has been processed. 11 BUSINESS ASSIGNMENT In case that the Aiva's Convention Committee detects, through random controls, that an application was signed by an adviser who did not take part in the sale, or who is not recognized by the client as such, he/she will automatically lose the Convention's qualification, and may be penalized pursuant the corresponding BFS regulation and contract, jeopardizing his contract, as this can be cancelled.

6 Considerations to be taken into account by those who qualified 1 PERSONAL QUALIFICATION IS NOT TRANSFERABLE It is neither exchangeable nor returnable. 2 COMPANIONS Only relatives are allowed to travel as companions (qualified or paid). It is not allowed to travel with advisers or ex advisers with cancelled contracts. Minors (under 18) are not allowed to travel neither. 3 REQUIREMENTS The qualified person is responsible for his/her health coverage. In case of not sending the corresponding voucher when requested, the trip s approval will depend on Aiva s criteria. The qualified person is also responsible for the corresponding Visas to enter the country as well as for the vaccines, when necessary. 4 CANCELLATIONS Once the qualified adviser confirms the attendance of a paid companion, in case of cancellation, Aiva will have the right to charge him / her with the cancellation costs, in case they exist.