Revised Financial Services Charter
(Gazette no. 41287)
Procurement Enterprise and Supplier Development Scorecard
Insurance broker and insurance intermediary commissions were excluded from the Total Measured Procurement Spend (TMPS) for the first 3 years from the application of the Codes (1 December 2017).
Thereafter from 1 December 2020, Insurance broker and insurance intermediary commissions are no longer an allowable exclusion and any spend towards insurance broker and insurance intermediary commissions must be included in the Procurement scorecard.
We urge Brokers and Intermediaries to obtain valid B-BBEE certificates or affidavits in order to benefit the procurement scorecard to which they contribute towards. Without a valid B-BBEE certificate or affidavits, Brokers and Intermediaries are at risk for being regarding as the unpreferred supplier when FSC companies are electing suppliers to participate in their supply chain.
As a Broker and/ or Intermediaries, you would need to complete an affidavit. The affidavits will serve as a B-BBEE certificate. The affidavits must be completed in full and commissioned by a Commissioner of Oaths to declare it valid. The date on which the affidavit is signed by the Commissioner will represent the ‘issue date’ and the ‘expiry date’ will be a year after the issue date. Brokers and Intermediaries will need to complete this process every year.
If you are a Broker and/or Intermediary and your annual turnover is less than R10 million, you are considered an Exempted Micro Enterprise (EME) and you would need to complete the following affidavit.
https://mpowered.zendesk.com/hc/en-us/articles/360017906380-EME-Affidavit-template
If you are a Broker and/or Intermediary with at least 51% Black ownership and your annual turnover is above R10 million but less than R50 million, you are considered a Qualifying Small Enterprise (QSE) and you would need to complete the following affidavit.
https://mpowered.zendesk.com/hc/en-us/articles/360017906420-QSE-Affidavit-template
If you are a Broker and/or Intermediary with less than 51% Black ownership and your turnover is above R10 million but less than R50 million, you are considered a Qualifying Small Enterprise (QSE) and you would need to go through a complete verification process with a SANAS accredited agency.
Any Broker and/or Intermediary with an annual turnover of above R50 million will need to go through a complete verification process with a SANAS accredited agency.
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