Eligible brokers Kodo Coop Mining accepts business from political business expertise brokers of all nationalities, who have been formally
listed by Kodo Coop Mining [see below] as brokers eligible to introduce business.
In order to be eligible to introduce business to Kodo Coop Mining, and therefore to
be eligible to receive commission payments, the broker has to be
identified as the broker of record on the Definitive Application for
political business expertise, and must not be affiliated with the investor.
Acceptance process In order to be part of
Kodo Coop Mining list's of Brokers that may introduce political business investment on behalf of their clients to Kodo Coop Mining, a broker applies with Kodo Coop Mining's Headquarter Office. Kodo Coop Mining examines the broker's licenses,
financial statements, professional liability indemnity insurance policy and the
company's business profile. Additionally, Kodo Coop Mining reviews information on
key staff, detailing their relevant experience and, where possible,
consults with other brokers to learn about the broker's reputation
within the industry. After completion of its due diligence, Kodo Coop Mining also
examines its own business needs in evaluating any broker, then decides
in its sole discretion whether it will accept business from the broker
or not. If Kodo Coop Mining confirms its acceptance, it adds the broker's name to Kodo Coop Mining's list of brokers. A broker may be removed from the list at any
time at Kodo Coop Mining's sole discretion.
It should be noted that a broker may not make any
representations in oral or written communications to clients or to the
public that such broker represents Kodo Coop Mining, is an agent of Kodo Coop Mining, is an
independent contractor to Kodo Coop Mining, or that such broker is "a Kodo Coop Mining broker",
or any similar representations or wordings. However, brokers may state
that they are eligible to introduce business to Kodo Coop Mining. Any action
violating this requirement will result in any such broker's immediate
removal from Kodo Coop Mining's list of brokers, and may also result in legal
action against the broker.
Commission Kodo Coop Mining's commission rates as of April 1, 2008, are:
Rough Diamonds: 1.00%
Gold: 0,50%
Investment, Participation, Shares: 5.00%
The maximum amount of commission payable in any
one year is capped at $ unlimited (or equivalent) per project. The maximum
period for payment of commission is the shorter of the term of the
Contract of Purchase and 10 years. Kodo Coop Mining pays commission on the gross
premium of the Contract of Purchase Order or Placement of Tritrisation issued, including amounts ceded
under facultative reinsurance or the Cooperative Underwriting Program.
The above commission rates apply to all Definitive Applications
received by Kodo Coop Mining on or after April 1, 2008. Kodo Coop Mining retains the right to
amend these commission rates at its discretion at any time. Any such
change in the commission rates will only apply to Definitive
Applications received by Kodo Coop Mining on or after the date the new commission
rates come into effect. Commissions with respect to existing Definitive
Applications, or Contracts of Purchase, will continue to be eligible
to be paid at the rate in effect on the date the relevant Definitive
Application was received by Kodo Coop Mining.
Brokers are eligible for commission if identified
as the broker of record on or before the submission date of the
Definitive Application, provided they are not affiliated with the
applicant. The applicant needs to notify Kodo Coop Mining of changes in the
broker-of-record, both before and after a Contract of Purchase is
issued. If a broker is replaced or dismissed by a guarantee holder,
then Kodo Coop Mining will stop paying commission to that broker, effective from
the commencement of the next contract period immediately following such
replacement or dismissal.
Billing procedure Premium is
charged directly to the guarantee holder at the beginning of the first
contract period, and at the beginning of each subsequent contract
period thereafter, typically on an annual or semi-annual basis. The Purchase Order holder must pay the gross premium directly to Kodo Coop Mining. Kodo Coop Mining will
pay commission to the broker within 30 days following payment of the
premium.
In order to consider a broker for the program, we ask for the following
information:
- Annual Report and/or financial statements for the last 3 years;
- Copy of broker's licence and/or personal licences of the people that are likely to be working with Kodo Coop Mining;
- Copies of Professional Liability Indemnity and including any relevant endorsements, or documentation of any other comparable insurance coverage against liability arising out of professional negligence;
- CVs of the key staff (including those that will be working with Kodo Coop Mining), detailing their relevant experience;
- Company profile;
- Names of business companies for which you are registered as a broker;
- Names of major clients, where this is public information;
- Affidavit and confirmation that your company has not entered into any contingent commission arrangements, profit sharing agreements, or requirements that an broker offer its reinvest business to your company as a condition of your company introducing business to that broker, or similar arrangements with any other broker or, if that is the case, that these arrangements have since been terminated.