Terms of business – Naas Insurance & Mortgage Brokers – in respect of Insurance and Mortgage Services. Ver9.05(1)
This terms of business document is being issued to all clients pursuant to the Investment intermediaries act, 1995, as amended by the Central Bank Act 1997, The Investor Compensation act 1998, and The Insurance Act 2000, and replaces any previous terms of business document.
Where cover is required immediately, before the client can be in receipt of the terms of business document, the client’s verbal agreement will be so sought to proceed, and the terms of business will be issued as soon as possible.
Contact Details:
Naas Insurance Consultants Ltd. Trading as Naas Insurance and Mortgage Brokers, 15 Sth. Main St., Naas, Co. Kildare (otherwise hereinafter referred to as “the firm”)
Telephone no 045 874444 fax no 045 876695 email
The firm has absolute discretion to accept clients wishing to avail of it’s services.
The client and the firm can determine the period of service and either party may, subject to 30 days notice or shorter, terminate the contract by consent. (such notice to be in writing.
Authorised Status:
Naas Insurance Consultants ltd. T/A Naas Insurance and Mortgage Brokers is regulated by The Financial Regulator as Multi Agency Intermediary, pursuant to the insurance act 2000, as a provider of insurance service, and as a Mortgage Intermediary. A copy of the firm’s Statement(s) of Authorised Status are attached herewith.
This firm does not have any "tied" relationships with any institution that would compromise our ability to offer you independent advice and choice. This firm is also a member of the Irish Brokers Association (IBA)
The firm is authorised to provide the following services:
- Offer advice in relation to all classes of non-life insurance (motor, property, liability, marine etc) and also in relation to life assurance products (life assurance policies, pensions, savings and investment life assurance policies). In respect of product producers for whom a letter of appointment is held.
- Engage in the business of being a mortgage intermediary.
- Receive and transmit orders on your behalf for a product (s) to one or more of the Product Producers for whom a letter of appointment is held (listed below.)
Remuneration Policy:
The Firm is remunerated for insurance business by commission received from insurance product producers, and/or charges invoiced to the client.
I relation to mortgage business, the firm may receive commission from the lenders of between ½ and 1% of the amount advanced.
Any additional charge included in amounts invoiced will be separately disclosed on client’s invoice. Charges are applied to each policy per policy type as follows:
Life Insurance and Mortgage Business – No Charges
All Non-Life Insurances – premium X 5% subject to the following minimums:
Commercial Property, Liability, etc: / Minimum / €175.00Motor: Private Car / Minimum / €45.00
Home Insurance / Minimum / €26.00
Commercial Motor / Minimum / €55.00
Motor Fleet / Minimum / €250.00
All other renewals / Minimum / €45.00
Mid Term Alterations / All Cases / €25.00
Insurance - Mid term cancellations of cover:
Please note while we will refund commission in relation to return premiums, an administration charge will be applied as per the above fees if the policy is cancelled mid term.
Conflict of Interest and Complaints
- It is the policy of the firm 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 in writing before providing any business service. If you have not been advised of any such conflict you may assume that none arises.
- We will not accept or give any inducements monetary, or otherwise, which could cause us to have a conflict of interest in relation to our dealings with you.
- This firm has a written procedure in place for the effective consideration and handling of complaints. This procedure ensures that complaints will be recorded and written complaints acknowledged in writing within 14 days. All complaints will be fully investigated and the outcome of the investigation will be communicated to the person who raised the complaint.
- In the event that you remain dissatisfied with the firms handling of and response to your complaint contact may be made with The Financial Services Ombudsman, 32 Upper Merrion St., Dublin 2, lo – call 1890 88 20 90
Money Laundering:
The firm reserves the right to request information from a client which it deems necessary in pursuance of it’s obligations under the Criminal Justice act, 1994
Consumer Protection:
The firm is a member of the Investor Compensation Scheme, (under section 38(1) of the Investor Compensation Act, 1998). This provides that compensation will be payable where money or investment instruments owed or belonging to clients and held, or in the case of investment instruments, administered or managed by One Direct cannot be returned to those clients for the time being and there is no reasonably foreseeable opportunity of One Direct being able to do so. Clients eligible under the scheme may receive 90% of the amount of the client's loss which is recognised for the purposes of the Investor Compensation Act, 1988, or compensation of up to €20,000, whichever is lesser.In addition to the Compensation available under the "Investor Compensation Act, 1998", The Firm is bonded through its membership of IBA for €200,000 with an inner limit of €65,000 per client.
Handling Clients' Money
The firm will accept payments in cash and by cheque in respect of all classes of insurance in the circumstances permitted under Section 25G of the Investment Intermediaries Act, 1995.
The firm is not authorised to accept cash or negotiable instruments in any other circumstances.
Insurance - Where the client fails to pay:
The firm expects prompt payment of premiums, on or before renewal date or due date. In the event that a client fails to pay within the period agreed, the Firm will advise the Product Producer involved and cover will be cancelled. The client will be liable for any premiums or charges levied if such is the case.
Insurance - Disclosure of material information
You are reminded of your obligation to disclose any material fact, which an insurer might take into account in assessing or accepting a proposal for insurance. Failure to do so may result in your insurance being invalidated. If you are in doubt whether or not a fact is material, it should be disclosed. Examples (not a comprehensive list) of material information are:
- Motor insurance – previous accidents, claims, convictions, any physical infirmity, which would affect driving, driving by young or inexperienced persons, named young driver being most frequent user, any alterations to the vehicle, etc.
- Property Insurance – previous accidents or claims under any property, any special risk for example area prone to flooding, subsidence, or any particular likelihood of damage over and above an ordinary property, use of any part of the property for business, any defects in the property or poor condition of property, non – occupancy, or occupancy of property by persons other that the policyholder.
- Any other fact, which would reasonably influence a prudent insurer in assessing of accepting a risk.
Insurance - Receipts
The firm shall issue a receipt for each non-negotiable or negotiable instrument or payment received. This is required pursuant to Section 30 of the "Investment Intermediaries Act, 1995." These are issued with your protection in mind and should be stored safely.
Insurance - Proposals/policy Documentation.
It is the policy of the firm to issue a copy of the completed proposal to the client, together with the policy document, schedule and any other policy endorsements proper, subsequently issued by the insurance company, and motor certificates and discs, once the firm is in receipt of these documents from the insurance company (product producer) correctly issued. However the firm will not issue such documents until the relevant premium(s) is/are paid in full by the client.
Mortgage Services - In relation to mortgage services:
a)The client undertakes to ratify all acts of and everything done by the firm and to hold the firm indemnified against all calls, liabilities, costs, claims, or damages incurred by or made against the firm in connection with the mortgage application made by the company on the client’s behalf.
b)The client must complete the know your client form and sign the declaration contained therein.
Amendment of terms of business.
These terms of business may be amended by agreement in writing between the client and the firm.
(These Terms of Business are valid from September 2005 and shall apply until further notice)