Doyle Insurance Brokers (Wexford) Ltd T/a Doyle Mahon Insurances

 

  1. The Background
    Pursuant to provision 4.58A of the Central Bank of Ireland’s September 2019 Addendum to the Consumer Protection Code effective 30th March 2020, 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.
  1. 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.
  1. What is Commission?
    Commission is payment that may be earned by an intermediary for work undertaken for both provider and consumer. There are different types of remuneration and different commission models:Single commission model: where payment is made to the intermediary shortly after the sale is completed and is based on a percentage of the premium paid/amount invested/amount borrowed.Trail/Renewal commission model: Further payments at intervals are paid throughout the life span of the product.
  1. Indemnity Commission
    Indemnity commission is the term used to describe a commission payment made before the commission is deemed to be ‘earned’. Indemnity commission may be subject to a clawback (see below) if the consumer lapses or cancels the product before the commission is deemed to be earned.Other forms of indemnity commission are advances of commission for future sales granted to intermediaries in order to assist with set up costs or business development.
  1. General Insurance Products
    General insurance products, such as motor, home, travel, health, commercial ,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.
  1. Partnership Arrangements
    In some cases, we may be a party to a partnership 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.
  1. 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.
  1. Fees
    In certain circumstances, it will be necessary to charge a fee for services provided. These are listed in our Terms of Business , on our website and in our non-life business procedures manuals. In other circumstances where fees are chargeable or where the client chooses to pay in full for our service by fee, we will notify the client in writing in advance and agree the scale of fees to be charged if different from fees outlined in our schedule of fees on our website.If we receive commission from a product provider, this may be offset against the fee which we will charge the client. Where the commission is greater than the fee due, the commission will become the amount payable to the firm unless an arrangement to the contrary is made.

 

Fee & Charges Structure

Charges by Product/Service Type Policy Charges(up to) Alterations (incl.Cancellation Charges) up to:
Private Car and Van (<1 ton)

 

up to a max of 50% of

the premium Minimum charge €50

up to a max of 50% of the additional Premium Minimum charge €35

 

Home (incl. Holiday home)

 

up to a max of 50% of

the premium Minimum charge € 50

up to a max of 50% of the additional Premium Minimum charge € 35

 

Travel up to a max of 50% of

the premium Minimum charge € 50

up to a max of 50% of the additional Premium Minimum charge € 35

 

Personal Accident up to a max of 50% of

the premium Minimum charge €50

up to a max of 50% of the additional Premium Minimum charge €35

 

Commercial / Combined(incl. Property and Liability) up to a max of 50% of

the premium Minimum charge €120

up to a max of 50% of the additional Premium Minimum charge € 65

 

Shop and Office package policies up to a max of 50% of

the premium Minimum charge € 120

up to a max of 50% of the additional Premium Minimum charge € 65

 

Engineering (incl. Computers)

 

up to a max of 50% of

the premium Minimum charge € 120

up to a max of 50% of the additional Premium Minimum charge € 65

 

Professional Indemnity / Directors&Officers Liability up to a max of 50% of

the premium Minimum charge € 120

up to a max of 50% of the additional Premium Minimum charge € 65

 

Motor Fleet up to a max of 50% of

the premium Minimum charge € 120

up to a max of 50% of the additional Premium Minimum charge € 65

 

Commercial Motor up to a max of 50% of

the premium Minimum charge € 120

up to a max of 50% of the additional Premium Minimum charge € 65

 

Motor Trade/ Garages

 

up to a max of 50% of

the premium Minimum charge € 120

up to a max of 50% of the additional Premium Minimum charge € 65

 

Farm and Agricultural

 

up to a max of 50% of

the premium Minimum charge € 120

up to a max of 50% of the additional Premium Minimum charge € 65

 

Any non commission products

 

up to a max of 50% of

the premium Minimum charge € 120

up to a max of 50% of the additional Premium Minimum charge € 65

 

 

Charges – Services Charges Up to:
Duplicate Documents (all Products) €50 per document
Administration charge for Direct Debit Defaults €20

 

Agreed Fees – all classes of business(See “Remuneration and Charges”) Hourly Rate
Directors Up to €250 per hour
All Other Account Executives Up to €150 per hour

 

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