Initial commission on submission definitions and terms and conditions.

Initial commission on submission definitions and terms and conditions.


API means the amount of annualised premium (excluding the policy fee) the customer pays.

Distribution Agreement means the current agreement between an adviser and Fidelity Life that allows the adviser to sell Fidelity Life insurance products to customers.

Eligible Adviser means an adviser who meets Fidelity Life’s Selection Criteria.

Eligible Applications means an application for insurance submitted to Fidelity Life via eApp, excluding an application:

  1. requesting a spilt in commission between FAP and Adviser; or
  2. the value of which exceeds NZ$20,000 API.

Expiry Date means up to 6-months following the 11th December 2023.

FAP means a financial advice provider with whom Fidelity Life has entered into a Distribution Agreement.

Fidelity Life means Fidelity Life Assurance Company Limited.

Initial Commission Rate has the meaning given to that term in the Distribution Agreement.

Issued Policy means the policy that is issued to a customer by Fidelity Life as a result of an Eligible Application being approved.

Participant means an Eligible Adviser who Fidelity Life has approved to take part in the Programme.

Participation Form means the Adviser Participation Form, in the format determined by Fidelity Life from time to time, to be completed by an Eligible Adviser and the FAP.

Programme means the Programme set out in these terms and conditions whereby Participants may elect to receive Submission Commission.

Selection Criteria means the criteria that an adviser must meet in order to be eligible to participate in the Programme, as determined by Fidelity Life in its sole discretion from time to time.

Submission Commission means the Submission Commission Rate payable to the Participant upon an Eligible Application being submitted.

Submission Commission Rate means 30% of the Initial Commission Rate in respect of the Issued Policy that could result from the Eligible Application, as calculated in accordance with the Distribution Agreement (excluding loadings).

Submission Date means the date that an Eligible Application is successfully submitted to Fidelity Life.

Writeback Amount means Submission Commission that is required to be refunded to Fidelity Life in accordance with clause 7.


Terms and conditions:

  1. Fidelity Life may, in its sole discretion, invite an Eligible Adviser to join the Programme.
  2. The Eligible Adviser may accept Fidelity Life’s invitation to become a Participant in the Programme by submitting a completed Participation Form to Fidelity Life.
  3. Upon entry into the Programme, a Participant will be eligible to receive Submission Commission in respect of an Eligible Application, except where the Participant has outstanding debt owed to Fidelity Life which is more than 30-days due.
  4. A Participant may elect to receive Submission Commission for an Eligible Application by following the process advised to the Participant by Fidelity Life.
  5. Submission Commission will be paid by Fidelity Life in accordance with the terms of the Distribution Agreement, in the next commission pay run following the Submission Date.
  6. Fidelity Life will calculate commission payable in respect of an Issued Policy by deducting the Submission Commission already paid in respect of the Eligible Application, in accordance with the terms of the Distribution Agreement. For the avoidance of doubt, Submission Commission is not in addition to initial commission and/or ongoing commission that is payable under the terms of the Distribution Agreement in respect of an Issued Policy resulting from an Eligible Application.
  7. If no policy is issued:

(a) due to the Eligible Application being declined or deferred by Fidelity Life;

(b) due to the customer not accepting Fidelity Life’s offer of insurance; or

(c) within 90-days from the Submission Date, for any reason,

Fidelity Life will, upon notice to the Participant, require the Participant to refund the Submission Commission in accordance with the terms of the Distribution Agreement. 

  1. Fidelity Life’s right to require refund of the Writeback Amount survives expiry or termination of the Programme.
  2. Fidelity Life may review the Participant’s ongoing membership of the Programme at any time. The Participant, and FAP, agree to provide Fidelity Life such information and assistance as may be requested by Fidelity Life to assess the Participant’s continued eligibility to participate in the Programme.
  3. Fidelity Life reserves the right to remove a Participant from the Programme at any time (including, but not limited to, where Fidelity Life has a reasonable suspicion that the Participant has committed an act of misconduct).
  4. Participants may opt out of the Programme at any time by notifying their Fidelity Life Business Manager.
  5. The Programme will automatically terminate on the Expiry Date. For the avoidance of doubt, on and from the Expiry Date, Fidelity Life will have no further obligation to pay Submission Commission.
  6. Fidelity Life reserves the right to extend or terminate the Programme and/or amend the terms and conditions of the Programme at any time upon providing Participants with prior notice.