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Terms of Business

Terms of Business
These terms of business set out the basis on which Insight Risk Management Ltd. will provide business services to you as a client of the firm. They also contain details of our regulatory and statutory obligations and the respective duties of both the firm and you in relation to such services. Insight Risk Management Ltd. is regulated by the Central Bank of Ireland and is a member of the Irish Brokers Association.

Authorised Status
Insight Risk Management Ltd. is authorised by the Central Bank of Ireland under the Investment Intermediaries Act 1995, and is registered with the Central Bank of Ireland as an Insurance Intermediary under the Insurance Mediation Directive.  Copies of our various authorisations are available on request.

Statutory Codes
Insight Risk Management Ltd. is subject to and complies with the Consumer Protection Code, the Minimum Competency Code and the Fitness and Probity Standards. These Codes offer protection to consumers and can be found on the Central Bank of Ireland website www.centralbank.ie

Our Product Suppliers
Insight Risk Management Ltd. offers professional advice in relation to all classes of non-life insurance and transmits orders on clients behalf to any of the insurance undertakings or product producers from whom the Company hold letters of appointment.

Statutory Codes
Insight Risk Management Ltd. is subject to and complies with the Consumer Protection Code, Minimum Competency Code and the Fitness and Probity Standards as laid down by the Central Bank of Ireland.

Services Provided
We will offer advice on a fair analysis basis in relation to all classes of insurance policies. This means we will research the market place and providers and recommend the best product suitable to your needs. Subject to your agreement we may from time to time refer your contact details to Insight Private Clients Ltd. who specialise in the life assurance sector.  We will identify and select a suitable product producer and on receipt of your instructions we will transmit orders on your behalf to one or more product producers (a list of which is available on request).
This firm does not have ‘tied’ relationship with any institution that would compromise our ability to offer you independent advice and choice.

Credit Intermediary
Insight Risk Management Ltd. is in receipt of commission from Premium Credit Ltd, C.P.F.I. Ltd and KBC for facilities arranged. Insight Risk Management Ltd. is registered with the National Consumer Agency as a Credit Intermediary.

Money Laundering
Insight Risk Management Ltd. are required to comply with the legislation in respect of Money Laundering and therefore required to seek information from all new clients to comply with the provisions of this legislation.

Failure to pay or default
We reserve the right to instigate cancellation proceeding in the event of the following:

  • your non-payment of the premium due at inception, renewal or following a mid-term adjustment
  • your bank returns your cheque due to insufficient funds or any other reason
  • non disclosure of relevant information
  • Insurer imposed cancellation

Your insurer may cancel your policy in certain circumstances. These conditions are clearly outlined on all policy documents. When your policy ends or is cancelled, we will send you any documentation and information that you are entitled to on request.

Cancellation / Cooling Off Period – ONLY APPLICABLE IN CERTAIN BROKER CASES
References to “cooling off period” which was introduced by the Distant Marketing Directive. A consumer (as defined by SI No. 853 of 2004) has the right to withdraw from an insurance policy (as defined under SI No. 853 of 2004) within 14 days of the start date of the policy without penalty and without giving any reason – this is known as the Cooling Off period. The right of withdrawal may be exercised by notice in writing to Insight Risk Management Ltd., quoting your policy number. Should this right be exercised the Insurance Company may charge a pro rata premium for the period you are on cover. If the cover is motor insurance the premium cannot be refunded until the Certificate of Insurance and Windscreen Disc have been received by Insight Risk Management Ltd.

You, the customer can cancel your policy by notice in writing at any time. Provided that all reasonable charges pertaining to costs incurred by Insight Risk Management Ltd. have been paid and provided that no incident giving rise to a claim has occurred in the current period of insurance, you will be entitled to a proportionate return of the premium for the un-expired period of insurance unless the policy is on a minimum and deposit basis, and if this is the case, no return will be allowed on the policy and this will be noted on your policy schedule. If you cancel during the first year (outside of the Cooling Off period) short term rates apply; please see policy terms and conditions. In the case of cancellation of motor insurance you must return the Certificate of Insurance and Windscreen Disc to Insight Risk Management Ltd. Insurance companies normally reserve the right to cancel policies at any time by giving appropriate notice to your last known address. Please refer to your policy terms and conditions.

Premium Handling
Insight Risk Management Ltd. will accept payments in cash, by cheque and by credit/debit card in respect of all classes of insurance in the circumstances permitted under Section 25G of the Investment Intermediaries Act, 1995. Insight Risk Management Ltd. is not authorised to accept cash or negotiable instruments in any other circumstances.

Insight Risk Management Ltd. will issue receipts for each payment received pursuant to Section 30 of the Investment Intermediaries Act 1995 and these should be retained in a safe place.

Premiums are due on / or before renewal / inception date. Under the Central Bank legislation very strict rules apply in the payment of premiums to Insurance companies. We will not be able to pay premiums to insurers which have not been received from clients. Therefore, to avoid policy cancellation, premiums must be paid strictly within the credit terms, if agreed, otherwise immediately prior to cover incepting.

Remuneration and Fees
Insight Risk Management Ltd. is remunerated by a professional fee (brokerage) for the initial work activity and time spent in seeking the best terms, advice, product and product producer for your specific needs. An administration fee (brokerage) is also charged for the activity involved in the renewal of the policy and also any alterations that take place during the policy period and at termination of a policy. A scale of our fees (brokerage) is under noted. We are usually remunerated by commission received from the product producers which range between 0% and a maximum of 25% for certain types of policy, for work involving the placement of insurance products with product producers on your behalf. Details of commission arrangements are available on request (Some product producers do not pay a commission). We may in certain cases arrange insurances via other Brokers and in such instances we will disclose to you all fees (brokerage) charged by such Brokers and ourselves prior to arranging cover.

Remuneration Policy

We will normally be remunerated by way of commission received from the product producer underwriting the policy of insurance. We may in addition charge a fee or brokerage and, should we do so, we will advise you of this in writing prior to you incurring liability for it. In the event of policy cancellation, this fee will be non-refundable.

Class of Business

Initial Fee

Renewal

Any Policy Alteration

Commercial General Insurance Lines

Up to 40% of Premium subject to a minimum of €25

Up to 40% of Premium subject to a minimum of €25

Up to 40% of Premium subject to minimum of €25

Personal General Insurance Lines

Up to €250

Up to €250

Up to €250

 

Payment of Services by fee only
Clients may pay in full for the service provided by means of a fee which will be agreed with the client by the Company in advance of the provision or service. The amount of any commission otherwise receivable by the Company will be offset against any fee payable. Insight Risk Management Ltd do not charge for handling any claim for which cover is provided by a policy of Insurance but may be in receipt of commission payments from loss assessors for business referred to them. We reserve the right to amend these fees should the complexity of the product require a higher fee. We will confirm and agree this fee with you prior to any increased charge being applied. A fee of €20 will be charged for all duplicate documentation.

Return Premiums and Fees
In all contracts, commissions and fees charged are deemed earned at completion of your renewal process. In respect of  private motor and household contracts, where a premium rebate is due to you this will be forwarded to you by cheque within five business days of the rebate becoming due or alternatively the amount will be credited to your account upon your written request to do so. We must rebate to you the return premium (including commission) in all cases. In respect of all other contracts we reserve the right to charge a fee equal to but no more than the commission arising from the return premium. In all cases we will obtain your written approval prior to doing so.

Licensed and Approved Insurers
Insight Risk Management Ltd only transact and recommend Insurers who are licenced by the Department of Trade Enterprise and Employment or EU Insurers and who are also approved under the EU directives on the freedom of services and which must comply with the solvency and security legislation on their local member state. Insight Risk Ltd do not and cannot guarantee the financial security of any Insurer.

Your Duty to give Information.
We are obliged to point out that you have a legal duty to provide to Insurers all information which is material to the risk being Insured whether unfavourable or otherwise to you, at the time of placement. Material facts would include any information that could influence a decision by an Insurer on whether to accept a risk and if so, upon what premium and terms. If such information is not disclosed by you, your Insurer has the right to avoid your insurance from its commencement. If this right is exercised any claims under your policy will not be met. This responsibility applies throughout the period that you are insured.

Conflict of Interests
It is the policy of Insight Risk Management Ltd. to avoid any conflict of interest when providing business services to its clients. However, where an unavoidable conflict may arise we will advise you of this before proceeding to provide any business service. If you have not been advised of any such conflict you are entitled to assume that none arises.

Complaints Procedure
The company has a written procedure in place for the effective consideration and handling of complaints. Any complaints should be addressed in writing to the Office Manager, Insight Risk Management Ltd. Each complaint will be acknowledged by us within 5 working days of receipt, updates will be advised in intervals of not more than 20 working days ,we will endeavor to resolve the complaint within 40 business days and findings will be furnished to you within 5 working days of completion of the investigation. In the event that you are not entirely satisfied with the firms handling of and response to your complaint, contact may be made with the Irish Brokers Association, 87 Merrion Sq, Dublin 2 and ultimately you have the right to complain to the Financial Services Ombudsman, 3rd Floor, Lincoln House, Lincoln Place, Dublin 2.

Investor Compensation
Insight Risk Management Ltd. is a member of the Investor Compensation Company Ltd (ICCL) Scheme established under the Investor Compensation Act, 1998. The legislation provided for the establishment of a compensation scheme and to the payment in certain circumstances, of compensation to certain clients of firms (known as eligible investors) covered by the Act. However, you should be aware that a right to compensation would only arise where client money or investment instruments held by this company on your behalf cannot be returned, either for the time being or for the foreseeable future, and where the client falls within the definition of eligible investor as contained in the Act. In the event that a right to compensation is established, the amount payable is the lesser of 90% of the client’s loss, which is recognised as being eligible for compensation, or €20,000.

Irish Brokers Association (IBA) Compensation Fund Ltd
As a member of the Irish Brokers Association (IBA), Insight Risk Management Ltd. is also a member of the IBA Compensation Fund Ltd. Subject to the rules of the scheme the liabilities of its member firms up to a maximum of €100,000 per client (€250,000 in aggregate) may be discharged by the Fund on its behalf if the member firm is unable to do so, where the above detailed ICCL (established by law) has failed to adequately compensate any client of the member.

Data Protection
Insurance Brokers Ltd is a Data Controller as defined in the Data Protection Act 1988 and 2003. We collect your personal details in order to provide the highest standard of service to you. We take great care with the information provided; taking steps to keep it secure and to ensure it is only used for legitimate purposes. To fulfill these objectives we may share information with other affiliated professionals. The information and other data provided to our office may be used to advise you of products and services we may offer from time to time.  You have the right at any time to request a copy of any ‘personal data ’within the meaning of the Data Protection Act 1988(as amended or re-enacted from time to time) that our office holds about you and to have any inaccuracies in that information corrected.)

Terms of Business: I acknowledge and confirm that I have been provided with a copy of the Terms of Business of Insight Risk Management Ltd. and that I have read through, understand and agree to these terms.

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Insight Risk Management Ltd is regulated by the Central Bank of Ireland.
Terms of Business

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