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% |
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% |
Tysers Ireland Ltd t/a Tysers Underwriting |
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% |
Hiscox SA |
Personal |
0%-22.5% |
Imperium Insurance Management Ltd t/a isure |
Commercial |
0%-21% |
Irish Life Health |
Personal & Commercial |
0-6% |
Keycare Assistance Ltd |
Personal |
€12.05 |
Liberty Insurance |
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%-25% |
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% |