Commission Arrangements – General Insurance

We,

  • Hastings (Westport) Ltd t/a Hastings Insurance Brokers, Irishweddinginsurance.ie, Mytravelinsurance.ie & Myfarminsurance.ie  hereafter referred to as Hastings Insurance Brokers
  • David Flannelly (Holdings) Ltd t/a Flannelly Insurances & Hastings Insurance Brokers hereafter referred to as Hastings Insurance Brokers  and
  • Pat Hardiman Insurances Ltd t/a Hastings Insurance Brokers ‘ hereafter referred to as Hastings Insurance Brokers

act as intermediary (Broker) between a consumer and a product provider with which we place its business.

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.

Hastings Insurance Brokers does not receive commissions or other remuneration linked to the achievement of targets that do not consider our client’s best interest e.g. targets relating to volume (including override commission) and bonus payments linked to business retention.

What is Commission?
Commission is payment that may be earned by an intermediary for work undertaken for both provider and consumer.

General Insurance Products
General insurance products, such as motor, home, travel, health, retail or liability insurance, are typically subject to a single or standard commission model, based on the amount of premium charged for the insurance product. 

Profit Share Arrangements
In some cases,  Hastings Insurance Brokers 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.

Clawback
Clawback is an obligation on the intermediary to repay unearned commission. Commission can be paid directly after a contract is concluded but is not deemed to be ‘earned’ until after a specified period of time. If the consumer cancels or withdraws from the financial product within the specified time, the intermediary must return commission to the product producer.

Other Fees, Administrative Costs/ Non-Monetary Benefits
The firm may also be in receipt of other fees, administrative costs, or non-monetary benefits such as: 

  • Attendance at a conference within the State, IT software or platforms, or hospitality of a reasonable de minimis value such as food and drink during a business meeting or conference
  • Assistance with advertising / branding

Further details on the providers we work with, the products we sell and the maximum commissions available to us are as follows.

Company

Customer Type

Max Commission

(%Single/Renewal)

AIG Europe SA

Personal & Commercial

0%-25%

Aiken Insurances Ltd

Personal & Commercial

0%-20%

Allianz Plc

Personal & Commercial

0%-19%

Angel Risk Management Ltd/AXA XL

Commercial

0%-25%

ARAG Legal Protection Ltd

Personal & Commercial

0%-16%

ARB Underwriting Ltd

Personal & Commercial

0%-20%

Aviva  Insurance  Ireland Dac

Personal & Commercial

0%-20%

Axa Insurance Dac

Personal & Commercial

0%-20%

Joseph G Brady Insurance Ltd t/a Brady Insurance

Commercial

0%-15%

Capital IM Markets (Arachas/Capital IM/Covercentre)

Personal & Commercial

0%-15%

Citynet

Commercial

0-25%

Coast Underwriting/Ice Cold Group

Commercial

0%-15%

Catalpa Underwriting Ltd

Commercial

0%-10%

Chubb European Group SE

Personal & Commercial

0%-20%

Close Brothers Premium Finance Ltd

Commercial

0%-1%

Corporate Underwriting Ltd

Commercial

0%-18.77%

Decare Dental Insurance Ireland Dac t/a Decare Dental

Personal

0%-10%

Dolmen Insurance Brokers Ltd

Personal & Commercial

0%-20%

Dual Underwriting Ireland DAC

Personal

0%-20%

Ecclesiastical Insurance Office Plc

Commercial

0%-15%

Everest Underwriting Ltd

Commercial

0%-20%

FBD Insurance Plc

Personal & Commercial

0%-21.5%

Fingal Insurance Group Dac

Commercial

0%-10%

Footprint Underwriting DAC

Personal

0%-9%

Frank Glennon Ltd

Commercial

0-25%

Frost Insurances Ltd

Commercial

0%-15%

Hickey Clarke General Ins Ltd t/a Hickey Clarke & Langan

Personal

0%-10%

Hooper Dolan Insurances Ltd

Personal & Commercial

0%-10%

HSB Engineering

Commercial

0- 15%

Imperium Insurance Management Ltd t/a isure

Commercial

0%-21%

Irish Life Health

Personal & Commercial

0-6%

Keycare Ireland

Personal

€12.05

Liberty Insurance Dac

Personal & Commercial

0%-21%

LHK Kelleher Insurance 0-10%.

Commercial

0-10%.

MacDonagh, Boland, Crotty MacRedmond Ltd t/a AON

Commercial

0%-15%

Marsh Ireland Insurance Brokers Ltd

Commercial

0%-10%

MIS Underwriting Ltd

Personal

0%-25%

O’Callaghan Insurances Ltd

Personal & Commercial

0%-10%

O’Driscoll O’Neil Dac

Personal & Commercial

0%-15%

Optis Insurances Ltd t/a Optis Insurance

Commercial

0%-20%

Patrona Underwriting Ltd t/a Bump Insurance

Personal

0%-7.5%

Pen Underwriting

Commercial

0-10%

Premium Credit Ltd t/a Premium Credit Ireland

Personal & Commercial

0%-5%

Prestige Underwriting Services (Ireland) Ltd

Personal & Commercial

0%-15%

Robertson Low Insurances Ltd

Commercial

0%-10%

RSA Insurance Ireland Dac

Personal & Commercial

0%-20%

Specialist Underwriting Services  Ltd

Commercial

0%-15%

Securus Insurance Ltd

Personal & Commercial

0%-15%

Servca Ltd

Commercial

0%-20%

Stuart Insurances Ltd t/a Eversure

Personal

0%-15%

Thomond Underwriting Ltd

Commercial

0%-15%

Thompson Insurances Ltd

Commercial

0%-15%

Travelers Insurance Co

Commercial

0%-20%

Vertigo Inspection (ROI) Ltd t/a Irish Engineering Services

Commercial

0%-15%

Willis Towers Watson Insurances (Ireland) Ltd

Personal & Commercial

0%-17.5%

Wrightway Underwriting Ltd

Personal & Commercial

0%-17.5%

XS Direct Insurance Brokers Ltd

Personal

0%-5%

Zurich Engineering Inspection Services 

Commercial

0%-15%

Zurich Insurance Dac

Personal & Commercial

0%-25%

MJ O’Neill Insurances Ltd t/a Yachtsman Euromarine

Personal & Commercial

0%-10%