Zurich Life Commission Statements & Payments

Zurich Life Commission Statements & Payments Technical Guide For Financial Advisor use only

Contents This guide to Zurich Life Commission Statements & Payments includes the following: Introduction... Page 1 1. Weekly Commission Payments... Page 2 2. Generating a Commission Statement... Page 3 2.1 Types of commission statements... Page 3 2.2 Logging on and selecting a commission statement... Page 4 2.3 Generating a Commission Statement Detail Report... Page 4 2.4 Generating a Commission Statement Summary Report... Page 6 2.5 View generated commission statement reports... Page 7 2.6 Accessing/deleting commission statement reports... Page 7 2.7 Reconciling your commission statement reports... Page 7 3. Viewing Previous Commission Payments... Page 8 3.1 View previous commission payments... Page 8 4. Understanding My Commission Statement... Page 12 4.1 Commission Statement Detail Report... Page 12 4.2 Commission Statement Summary Report... Page 14 4.3 Factors affecting the payment of commission... Page 14 5. FAQs (Frequently Asked Questions)... Page 15 6. Schedule of Commission Payment Dates...Page 16

Introduction At Zurich Life we understand the importance of commission to your business and your cash flow and so we aim to make it as easy as possible for you to manage your commission payments. We do this by: paying your commission weekly; and giving you 24-hour access to view commission details and statements online. All the information you need to know is stored on the Zurich Life Broker Centre, a secure password protected site. To access this, simply go to www.zurichlife.ie and log on by inputting your Username, Password and Pin (these are sent to you by Zurich Life). Commission Details Payment History Current Balance Commission Schedule of payments for the year ZURICH LIFE BROKER CENTRE Commission Reports Detail Report Summary Report Policy Overview Policy Details If you have any queries relating to your commission payment you should contact your Zurich Life Broker Consultant or your dedicated Sales Support Team. If you have a query regarding your Broker Centre access, please contact the Agency Department by emailing agencyadmin@zurich.com or via phone at 01 799 2927. 1

1. Weekly Commission Payments Zurich Life pays commission weekly by electronic transfer direct to your bank account. Payments accrued to your agency over 200 will be processed as part of the weekly statement run. Any commission balance below this amount will continue to accrue until it reaches 200. To help you plan your cash flow, we produce a schedule of commission payment dates for the calendar year. This is available in the Commission section of the Zurich Life Broker Centre. Your commission. With you weekly. Zurich Life schedule of commission payments December 2015 January 2016 February 2016 March 2016 April 2016 May 2016 1 2 3 4 5 6 1 2 3 1 2 3 4 5 6 7 *2 7 8 9 10 11 12 13 4 5 6 7 8 9 10 8 9 10 11 12 13 14 14 15 16 17 18 19 20 11 12 13 14 15 16 17 15 16 17 18 19 20 21 *1 21 22 23 24 25 26 27 18 19 20 21 22 23 24 22 23 24 25 26 27 28 28 28 30 31 25 26 27 28 29 30 31 29 June 2016 July 2016 August 2016 1 1 2 3 4 5 6 1 2 3 8 7 8 9 10 11 12 13 4 5 6 7 8 9 10 2 3 4 5 6 7 14 15 16 17 18 19 20 11 12 13 14 15 16 17 9 10 11 12 13 14 15 *3 21 22 23 24 25 26 27 18 19 20 21 22 23 24 16 17 18 19 20 21 22 28 29 30 31 25 26 27 28 29 30 23 24 25 26 27 28 29 30 31 September 2016 October 2016 November 2016 M T W T F S S M T W T F S S M T W T F S S M T W T F S S M T W T F S S M T W T F S S 1 2 3 4 5 1 2 3 1 2 3 4 5 6 7 1 2 3 4 1 2 1 2 3 4 5 6 6 7 8 9 10 11 12 4 5 6 7 8 9 10 8 9 10 11 12 13 14 5 6 7 8 9 10 11 3 4 5 6 7 8 9 7 8 9 10 11 12 13 13 14 15 16 17 18 19 11 12 13 14 15 16 17 15 16 17 18 19 20 21 12 13 14 15 16 17 18 10 11 12 13 14 15 16 14 15 16 17 18 19 20 20 21 22 23 24 25 26 18 19 20 21 22 23 24 22 23 24 25 26 27 28 19 20 21 22 23 24 25 17 18 19 20 21 22 23 21 22 23 24 25 26 27 27 28 29 30 25 26 27 28 29 30 31 29 30 31 26 27 28 29 30 24 25 26 27 28 29 30 28 29 30 31 The "Payment Date" is the date by which the commission payable by direct credit transfer will be received into your bank account. *1 Commission Statements for Christmas week will be issued on Monday 21st December, to allow payment by Christmas Eve, Thursday 24th December. Commission accrued to your agency as at close of business Friday 18th December will be included in this (subject to the usual statement threshold of 200) *2 Monday 4th January is the expected payment date for statements issued on Wednesday 30th December *3 Commission Statements for Easter Week will be issued on Tuesday 22nd March, to allow payment by Good Friday, Friday 25th March. Commission accrued to your agency as at close of business Monday 21st March will be included in this (subject to the usual statement threshold of 200) Note: From time to time, payments made by Zurich Life may be delayed due to the banking system which is outside of Zurich Life's control. Zurich Life does not accept any liability in relation to any delays encountered in making these payments. Statement Compilation Date Statement Issue Date Payment Date Bank Holiday For commission payment queries, please contact your dedicated Sales Support Team. www.zurichlife.ie Please see Section 6 (page 16) for a larger version of this schedule. The commission schedule gives details of each week s commission run: Statement Compilation Date - this is the date when all your commissions due are compiled for payment. Statement Issue Date - this is the date when your statement is available to view on the Broker Centre. Payment Date - this is the date by which the commission payable by direct credit transfer will be received into your bank account. Note: From time to time, payments made by Zurich Life may be delayed due to the banking system which is outside our control. Negative Balances If there is a negative balance on your agency account, a commission statement will not be produced. Where an agency has an overall negative balance greater that 1,000, we will write mid-month advising of the balance. 2

2. Generating a Commission Statement Generating a commission statement is easy and because this facility is available on our Broker Centre, you can run statements whenever you need them. In order to generate a commission statement and to view commission details, you must have Level 1 access. For Level 2 users, access to this information is not available. To request access or to change your level of access, a Broker Centre Access Form (sample below) should be completed. The level of access must be agreed with the Principal of the agency. This form can then be sent to your Broker Consultant or the Agency Department at agencyadmin@zurich.com. If you need a Broker Centre Access Form or you have any queries regarding your level of access, please contact our Agency Department by emailing agencyadmin@zurich.com or via phone at 01 799 2927. 2.1 Types of commission statements There are two types of commission statement that you can generate on the Broker Centre: 1. Commission Statement Detail Report Details commission payments at a policy level for a selected time period for each agent in an agency. Commission is split between initial, renewal/trailer and other payments. 2. Commission Statement Summary Report A summary of commission payments to an agency, split by agent over a selected time period. Commission is split between initial, renewal/trailer and other payments. 3

2.2 Logging on and selecting a commission statement To generate a commission statement you must first log on to the Broker Centre and select the type of commission statement you want. Step 1: Go to www.zurichlife.ie, and the Secure login section, click Login Step 2: Input your Username, Pin and Password Step 3: Click on the Reports tab (at top of screen) Step 4: Select the report you want: Commission Statement Detail Report (see 2.3 below) Commission Statement Summary Report (see 2.4, page 6) 2.3 Generating a Commission Statement Detail Report If you choose to run a Commission Statement Detail Report the following screen will appear: Step 1: Clicking on Single Advisor (i.e. a statement for a single agent code) the following screen is displayed: Select the relevant Advisor No. (i.e. the agent code), the period you require the report for and click Submit. 4

If you click on Multiple Advisors the following screen is displayed. Select the relevant Advisor Nos. (i.e. the agent codes) or All, the period you require the report for and click Submit. Step 2: The report will run and automatically save to the Submitted Reports tab. An email notification is sent to you when the requested report is available to view. SAMPLE COMMISSION STATEMENT DETAIL REPORT If you wish to view your most recent weekly commission statement, download the statement for the month in question and refer to the Statement Date for the week in question. 5

2.4 Generating a Commission Statement Summary Report If you choose to run a Commission Statement Summary Report the following screen will appear: Step 1: Select the relevant Advisor Nos. (i.e. the agent codes) or All, the period you require the report for and click Submit. Step 2: The report will run and automatically save to the Submitted Reports tab. An email notification is sent to you when the requested report is available to view. SAMPLE COMMISSION STATEMENT SUMMARY REPORT 6

2.5 View generated commission statement reports Step 1: Click on the Reports tab (at top of screen) Step 2: Click on Submitted Reports link under the heading Check Previously Submitted Reports Step 3: To view a report, you must first select the format. You have three options: PDF - a PDF version of the report HTML - a HTML version of the report Excel - an Excel version of the report You can download and save each of these reports. Choice of formats. Note: If the report you requested is not displayed, click on the Refresh the list button. If the report still does not show please wait a few minutes and retry until the report appears as the generation of these reports may take time. 2.6 Accessing/deleting commission statement reports An adhoc report is saved for seven days from the date it is generated and then it will automatically be deleted. You can also delete reports yourself by ticking the box beside the Report Title and clicking on the Delete button. You can run these reports again if you need to. 2.7 Reconciling your commission statement reports It is important to note that the Commission Statement Detail Report and the Commission Statement Summary Report are only in respect of commission paid for the selected period. For example, if the commission period for January 2014 is selected, the report will show commission only paid in that period. It may be the case that commission has been paid in this period but earned in December. Note: If you reconcile your accounts on a monthly basis, please be mindful that commission may generate on a policy in one month, but be paid in the next month. The Commission Statement Detail Report is in respect of payments made in that month, but does not necessarily include all payments generated in that month. For example, commission generated on Friday, 31 October 2014 would have missed the Tuesday Statement Compilation Date of 28 October. Therefore, it would be paid as part of the next weekly commission payment, with a Statement Compilation Date of Tuesday, 4 November and a Payment Date of Friday, 7 November. In this example, commission was generated in October but was paid in November. A Commission Statement Detail Report for a month reconciles to the payments made in that month. 7

3. Viewing Previous Commission Payments 3.1 View previous commission payments Step 1: Click on the Commission tab (at top of screen). A list of Advisor (Agent) codes for which you have access will be displayed. Choose the relevant Advisor (Agent) Code. Step 2: Select the Commission Details button. A list of all previous commission payments for that Advisor (Agent) code will then be displayed. 8

Step 3: To view a breakdown of an individual payment simply click on the relevant Statement Date and a commission summary will be displayed. The current balance payable / (recoverable) is displayed. This is the commission credit or debit accrued since the last payment. If there is any unearned (indemnity) commission, this is also displayed. Click here for a policy breakdown. Click here to view a full statement for the period chosen. 9

Step 4: Selecting the relevant link under Category will provide a policy level breakdown. You also have the option to view a full statement for this Advisor (Agent) code by clicking the link View full statement details. Step 5: To extract detailed policy information from a commission statement you have two choices: 1. Clicking on the Policy/Reference number will bring you to the Policy Overview. (This screen can also be accessed via the Fast Find facility, which appears on every screen of the Broker Centre.) 10

2. Clicking on the Transaction Date will show details of the transaction that triggered the commission payment. See section 4.1 (page 13) for a complete list of policy level transactions that generate commission entries. 11

4. Understanding My Commission Statement Commission statements are available by clicking on the Reports tab in the secure Broker Centre. There are two commission statement reports available: 1. Commission Statement Detail Report 2. Commission Statement Summary Report If you have any queries relating to your commission statement you should contact your Zurich Life Broker Consultant or your dedicated Sales Support Team. 4.1 Commission Statement Detail Report As previously mentioned in 2.1, this report details commission payments at a policy level for a given time period for each agent in an agency. Commission is split between initial, renewal/trailer and other payments. Below is a sample Commission Statement Detail Report. 1. Timeframe in which commission has been paid. 3. Policy level transaction that impacts commission (see page 13). 4. Expected Date is the date premium is expected to collect. 5. Transaction Date is actual date premium is collected. 6. Breakdown of commission payments. 2. Agent code currently servicing the policy. 12 8. Total amount of commission payable to an agency. 7. Statement compilation date.

It is important to note that commission may be a plus or minus value, depending on the type of policy transaction detailed on the statement. Below is a list and explanation of these transactions. Transaction on Commission Statement Explanation Alter From Inception Billing Reversal Cancel from Inception Component Changes - Modify Component Lapse in Unit Deal Contract Issue Dishonour Processing Full Contract Reversal Full Surrender F/Surr Rev GXXXXXX Lapse Reversal Manual Paid Up Processing Online Component Lapse Online/Offline (Date) (Policy Number) Overdue Processing Paid To Date Advance Paid-Up Reversal Premium Collection Reverse Group Bill Suppression Single Premium Top Up Trailer Commission Processing For policies recently issued, when a contract needs to be amended we will alter the contract from inception which puts the policy back to proposal stage, this will result in a clawback of commission. When the policy is altered and reissued and premium collected the commission due will be paid. This is commission clawed back as a result of a premium being reversed. If the premium is reapplied commission due will be paid. This is commission clawed back as a result of a policy being cancelled from the policy start date. This is the commission generated as a result of an alteration to the policy e.g. premium increase / reduction. This is commission clawed back as a result of a policy lapsing due to non-payment of premiums. This is commission generated when a policy is issued and premium collected / paid. This is commission clawed back as a result of a direct debit being returned unpaid. This is commission clawed back as a result of a premium being reversed. If the premium is reapplied commission due will be paid. This is commission clawed back as a result of a policy being fully surrendered. This is commission which is generated as premiums are collected / paid as a result of a previous full surrender being reversed (policy reinstated). This is commission paid for a Group Risk Scheme under the associated Group Risk Scheme number. This is commission which is generated as premiums are collected / paid as a result of a previous lapse/cancellation being reversed (policy reinstated). This is commission clawed back as a result of a policy being made paid up. This is commission clawed back as a result of a policy being cancelled. This is an online / offline enhanced commission payment associated with the policy quoted. This is commission clawed back as a result of a policy lapsing / being made paid up due to non-payment of premiums. This is commission on a regular premium contract which is generated as premiums are collected / paid. This is commission which is generated as premiums are collected / paid as a result of a previous paid up transaction being reversed (policy reinstated). This is commission on a regular premium contract which is generated as premiums are collected / paid. This is commission clawed back as a result of a premium being reversed on a group scheme policy. If the premium is reapplied commission due will be paid. This is the commission generated when a single premium top up has been processed. This commission is generated based on the fund value of the policy at the policy anniversary date. 13

4.2 Commission Statement Summary Report As previously mentioned in 2.2, this report is a summary of commission payments to an agency, split by agent over a selected time period. Commission is split between initial, renewal/trailer and other payments. Below is a sample Commission Statement Summary Report. 2. Statement compilation date. 1. Timeframe in which commission has been paid. 4. Breakdown of commission payments. 3. Agent code generating commission. 5. Total amount of commission payable. 4.3 Factors affecting the payment of commission There can be a number of factors that may impact on the payment of commission. Some of these factors include: Policy not issued Premium not collected Term of the policy or the age of the policy owner Alteration to the policy, e.g. an increase or a decrease in the premium Therefore, to interpret a commission payment on your statement, you need to understand how these factors can influence the amount paid. As a first step, check the policy level transaction (see 4.1, page 12) on the commission statement. The next step is to look at the Policy Overview (see 3.2, page 10). If you are still unclear, please contact your Zurich Life Broker Consultant or your dedicated Sales Support Team. 14

5. FAQs Q: I cannot access commission information on the Broker Centre, why? A: There are two levels of access available on the Broker Centre. If you cannot view commission information, then you most likely have Level 2 access. Level 1 access is required to view commission information. If you wish to change your level of access simply email agencyadmin@zurich.com and we will send you a Broker Centre Access Form to complete. Q: When I download our commission statement on the Broker Centre it does not match what has been paid to our bank account, why? A: The most likely scenario is that you do not have access to all agent codes within your agency via your web login. In order to gain full access, the Principal of the agency can simply email agencyadmin@zurich.com requesting access to all agent codes for you. Q: I have a policy that was issued and has generated 150 commission, can you explain why I did not get paid this commission? OR Q: Commission generated in November but I didn t get paid until December, why? A: There is a 200 commission threshold in place for any given agency before commission payments are released. Commission will accrue to your agency until the balance due is over 200. This could result in commission generated in November but not paid until December. Q: I have a policy and I was expecting to be paid commission this week, but it doesn t appear to have issued yet, why? OR Q: I was expecting more commission to be paid on a specific policy, explain? A: There could be several reasons as to why the policy did not issue when you expected it to. We recommend that you contact your dedicated Sales Support Team who will be able to explain to you why this has occured or why the policy did not generate the amount of commission you were expecting. Q: Commission generated on a policy on Friday, 31 October 2014 but I wasn t paid until 7 November 2014, why? A: Commission generated on Friday, 31 October would have missed the Tuesday Statement Compilation Date (28 October) for that week. Therefore, commission generated on 31 October would be paid as part of the next weekly commission payment, with a Statement Compilation Date of Tuesday, 4 November and a Payment Date of Friday, 7 November. Q: There was an increase in premium on a policy. Who gets the commission? A: Initial commission on an increase over and above any previous tranche of premium is paid to the Agent who initiated the increase. If a policy is transferred from Agent A to Agent B six months after the increase, initial commission will continue to be paid to Agent A. Renewal commission will be paid to the current servicing agent at the time that it generates. 15

6. Schedule of Commission Payment Dates Your commission. With you weekly. Zurich Life schedule of commission payments December 2015 January 2016 February 2016 March 2016 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 *1 21 22 23 24 25 26 27 28 28 30 31 *2 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 *3 21 22 23 24 25 26 27 28 29 30 31 April 2016 May 2016 June 2016 July 2016 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 August 2016 September 2016 October 2016 November 2016 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 Statement Compilation Date Statement Issue Date Payment Date Bank Holiday The "Payment Date" is the date by which the commission payable by direct credit transfer will be received into your bank account. *1 Commission Statements for Christmas week will be issued on Monday 21st December, to allow payment by Christmas Eve, Thursday 24th December. Commission accrued to your agency as at close of business Friday 18th December will be included in this (subject to the usual statement threshold of 200) *2 Monday 4th January is the expected payment date for statements issued on Wednesday 30th December *3 Commission Statements for Easter Week will be issued on Tuesday 22nd March, to allow payment by Good Friday, Friday 25th March. Commission accrued to your agency as at close of business Monday 21st March will be included in this (subject to the usual statement threshold of 200) Note: From time to time, payments made by Zurich Life may be delayed due to the banking system which is outside of Zurich Life's control. Zurich Life does not accept any liability in relation to any delays encountered in making these payments. 16

Zurich Life Assurance plc Zurich House, Frascati Road, Blackrock, Co. Dublin, Ireland. Telephone: 01 283 1301 Fax: 01 283 1578 Website: www.zurichlife.ie Zurich Life Assurance plc is regulated by the Central Bank of Ireland. Intended for distribution within the Republic of Ireland. Print Ref: ZURL CG 98 0216