Remuneration – General Insurance
- 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.
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 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 commissions available to us are as follows.
|AIG Europe SA||Click Here|
|AIC Glennon||Click Here|
|Aiken Insurances Ltd||Click Here|
|Allianz Plc||Click Here|
|Angel Risk Management Ltd/AXA XL||Click Here|
|AON Ireland Ltd||Click Here|
|Aquabroker Ltd||Click Here|
|Arachas Corporate Brokers/Covercentre/Capital IM||Click Here|
|ARAG Legal Protection Ltd||Click Here|
|ARB Underwriting Ltd||Click Here|
|Aviva Insurance Ireland Dac||Click Here|
|Axa Insurance Dac||Click Here|
|Benchmark Underwriting||Click Here|
|Joseph G Brady Insurance Ltd t/a Brady Insurance||Click Here|
|Chubb European Group SE||Click Here|
|Catalpa Underwriting Ltd||Click Here|
|CFC Underwriting Ltd||Click Here|
|Decare Dental Insurance Ireland Dac t/a Decare Dental||Click Here|
|Dolmen Insurance Brokers Ltd||Click Here|
|Dual Underwriting Ireland DAC||Click Here|
|Ecclesiastical Insurance Office Plc||Click Here|
|Everest Underwriting Ltd||Click Here|
|FBD Insurance Plc||Click Here|
|Fingal Insurance Group Dac||Click Here|
|First Ireland Risk Management Ltd t/a First Ireland||Click Here|
|Footprint Underwriting DAC||Click Here|
|Frost Insurances Ltd||Click Here|
|Hickey Clarke General Ins Ltd t/a Hickey Clarke & Langan||Click Here|
|Hiscox SA||Click Here|
|Hooper Dolan Insurances Ltd||Click Here|
|HSB Engineering Insurance Ltd||Click Here|
|Imperium Insurance Management Ltd t/a isure||Click Here|
|Irish Life Health Dac||Click Here|
|JMM (Ireland) Ltd||Click Here|
|Kennco Underwriting Ltd||Click Here|
|Keycare Assistance Limited||Click Here|
|Liberty Insurance Dac||Click Here|
|LHK Kelleher Insurances Ltd t/a LHK Kelleher Insurance||Click Here|
|Marsh Ireland Insurance Brokers Ltd||Click Here|
|McCarthy Insurance Group||Click Here|
|MIS Underwriting Ltd||Click Here|
|OBF Insurance Group Ltd||Click Here|
|O’Callaghan Insurances Ltd||Click Here|
|Optis Insurances Ltd t/a Optis Insurance||Click Here|
|Patrona Underwriting Ltd t/a Bump Insurance||Click Here|
|Pen Underwriting Ltd||Click Here|
|Brian J Pierce Ltd t/a BJP||Click Here|
|Prestige Underwriting Services (Ireland) Ltd||Click Here|
|Robertson Low||Click Here|
|RSA Insurance Ireland Dac||Click Here|
|Sparrow Insurances Ltd||Click Here|
|Specialist Underwriting Services Ltd||Click Here|
|Sean Barrett Bloodstock||Click Here|
|Securus Insurance Ltd||Click Here|
|Thomond Underwriting Ltd||Click Here|
|Thompson Insurances Ltd||Click Here|
|Tyser (Ireland) Ltd t/a Tysers||Click Here|
|Travelers Insurance Dac||Click Here|
|Vertigo Inspection (ROI) Ltd t/a Irish Engineering Services||Click Here|
|Willis Towers Watson Insurances (Ireland) Ltd||Click Here|
|Worldwide Ins Brokers & Advisors Ltd – Broker Options||Click Here|
|Wrightway Underwriting Ltd||Click Here|
|XS Direct Insurance Brokers Ltd||Click Here|
|Zurich Engineering Inspection Services||Click Here|
|Zurich Insurance Dac||Click Here|
|MJ O’Neill Insurances Ltd t/a Yachtsman Euromarine||Click Here|