GISC changes received revenue definition.
The General Insurance Standards Council has altered its definition of deducting revenue on a receive...
The General Insurance Standards Council has altered its definition ofdeducting revenue on a received basis - which means far fewer
intermediaries will have to maintain net assets of up to 20%.
The definition, given on footnote 1, page 26 of the GISC rulebook,
previously read: "Deducting revenue on a received basis is the practice of
withdrawing Revenue due in respect of a particular sum only after the
payment has been received into the insurance bank account or is due under
a formal credit
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