The Background
Pursuant to provision 4.58A of the Central Bank of Ireland’s September 2019 Addendum to the Consumer Protection Code, all intermediaries, must make available in their public offices, or on their website if they have one, a summary of the details of all arrangements for any fee, commission, other reward or remuneration provided to the intermediary which it has agreed with its product producers.
What is Remuneration?
Remuneration is the payment earned by the intermediary for work undertaken on behalf of both the provider and the consumer. The amount of remuneration is generally directly related to the value of the products sold.
What is Commission?
Commission is a payment that may be earned by an intermediary for work undertaken for both provider and consumer.
Profit Share Arrangements
In some cases, the intermediary may be a party to a profit-share arrangement with a product provider and will earn additional commission. Any business arranged with these product providers on a client’s behalf will be placed with the product provider because that product provider is at the time of placement, the most suitable to meet the client’s requirements, taking all the client’s relevant information, demands and needs into account.
We have profit share arrangements in place with Tysers & Sunderland Marine.
Please see below list of providers our firm deals with.
| Allianz plc | |
|---|---|
| General Insurance | 10% – 15% |
| Marine Hull-Commercial | 10% – 15% |
| Marine Hull – Pleasure Craft | 15% | British Marine |
| Marine Hull | 11 – 15% |
| Marine P&I | 11 – 15% | Fingal Insurance Group |
| General Insurance | 10% | Lloyd’s of London Fishing Vessel Facility |
| Marine Hull | 11% | MS Amlin Underwriters |
| Marine P&I | 20% | The Shipowners Club |
| Marine P&I | 15% | Sunderland Marine |
| Marine Hull | 15% |
| Marine P&I | 15% | Tysers Insurance Brokers |
| Marine Cargo | 15% |
| Personal Accident | 20% | Willis |
| PI (Professional Indemnity) | 0% | Zurich |
| General Insurance | 15% |