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 of
deducting 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