Terms & Conditions
Terms of Business- Company
Marine & General Insurances DAC, Marine & General Insurances DAC T/A Clondalkin Mortgage Centre, Marine & General Insurance & Financial Services is regulated by The Central Bank of Ireland. Copy of the firm’s authorised status is attached.
Marine & General Insurances DAC is authorised to arrange and provide advice in relation to all classes of insurances. This firm is also a member of the Irish Brokers Association (IBA) and the Professional Insurance Brokers Association (PIBA).
Marine & General Insurances DAC is authorised as an independent broker dealing with most of the insurance providers in the Irish Market. No insurance company holds any shares in Marine & General Insurances DAC and no shares are held by Marine & General Insurances DAC in any insurance company.
Investors Compensation Company Ltd
This firm is a member of the Investor Compensation Scheme established under the Investor Compensation Act 1998. This legislation provides for the establishment of a compensation scheme and to the payment, in certain circumstances, of compensation to clients of firms covered by the Act. However, you should be aware that a right to compensation will only arise where money or investment instruments held by this firm on your behalf cannot be returned either for the time being or for the foreseeable future and where the client falls within the definition of eligible investor as contained in that Act. In the event that a right to compensation is established, the amount payable is the lesser of 90% of your loss which is recognised as being eligible for compensation of €20,000.
In addition to the compensation available under the “Investor Compensation Act, 1998”, Marine & General Insurances DAC is bonded through it’s membership of the IBA for €200,000 with an inner limit of €65,000 per client.
This firm is remunerated by commission and/or a service fee for arranging, or the provision of advice regarding non-life insurance business. The service fee charged is to cover the sourcing of the product, the administration cost, claims handling, risk management and the ongoing service of your business. A service fee may be charged up to 45% subject to a minimum of €50 fee on all transactions including mid-term alterations and or policy cancellation. If we charge a fee which falls outside the above criteria we will advise you in writing. In relation to the arranging or provision of advice regarding life, pensions etc. the firm is remunerated by either commission or service fee and we will advise you in writing of any service fee.
Marine & General Insurances DAC 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. Marine & General Insurances DAC shall issue a receipt for each payment received. This is required pursuant to Section 30 of the Investment Intermediaries Act, 1995.
Conflict of Interest
It is our policy to avoid any conflict of interest when providing a service to our clients. Where an unavoidable conflict of interest arises, the firm will advise you of this in writing before providing any business service. If you have not been advised of any such conflict you assume that none arises.
We regret that credit cannot be extended to clients in respect of premiums, initial, renewal or additional. Initial or first premiums must be paid at inception of cover and renewal premiums before the policy renewal date otherwise the company will advise the insurance undertaking or product producer involved of the non payment and cover will be cancelled.
Action in event of Default
Should a customer default on a payment due to the firm the legal right of the company to pursue such payment will be exercised. Reimbursement will be sought for all payments made to insurers on behalf of clients where the firm has acted in good faith in renewing a policy of insurance of the client. In the event that a client defaults on a payment to an insurer or lender, the insurer may withdraw cover or action may be taken by a lender to recoup any monies owed.
This firm will:
- Acknowledge each complaint received in writing within 5 business days of the complaint being received.
- Provide the complainant with the name of the Complaints Officer as the main point of contact in respect of their complaint until their complaint is resolved or cannot be processed any further.
- Provide the complainant with a regular written update on the progress of the investigation of the complaint at intervals of not greater than 20 business days.
- Attempt to investigate and resolve the complaint within 40 business days of having received the complaint. When the 40 days has elapsed, if the complaint is not resolved, we will inform the complainant of the anticipated timeframe within which we hope to resolve the complaint. At this point we will inform the complainant of their right to refer the matter to the Financial Services Ombudsman’s Bureau www.financialombudsman.ie or the Pensions Ombudsman www.pensionombudsman.ie.
- Where we resolve the complaint, we will advise the complainant in writing, within 5 business days of the completion of the investigation of the complaint, the outcome of the investigation and where applicable explain the terms of any offer or settlement being made. We will also inform the complainant of their right to refer the matter to the Financial Services Ombudsman’s Bureau or the Pensions Ombudsman.
Financial Services Ombudsman’s Bureau, Office of the Pensions Ombudsman,
3rd Floor, 4th Floor
Lincoln House, Lincoln House,
Lincoln Place, Lincoln Place,
Dublin 2 Dublin 2
Lo Call: 1890 88 20 90 Tel. + 353 1 6766002
Tel: + 353 1 6620899 Fax: + 353 1 6769577
Fax: + 353 1 6620890
Life & Pensions
Aviva Life & Pensions
BCP Asset Management
Standard Life Assurance Company
Independent Trustee Company
Terms of Business-Financial Services
These terms of business will remain in force and shall apply to any business service provided to you now or at a future date. Should my firm change any of its business terms at a future date I will advise you at our next meeting.
- The full name and address of the firm is set out on the top of this document.
- Marine & General Insurances DAC is authorised and regulated by the Central Bank of Ireland. Central Bank reference number is C1457.
- Marine & General Insurances DAC is authorised as an Insurance Intermediary, authorised under the European Communities (Insurance Mediation) Regulations, 2005; as an Investment Intermediary, authorised under Section 10 of the Investment Intermediaries Act, 1995, as an Investment Product Intermediary, under Section 31 of the Investment Intermediaries Act, 1995 (as amended) and as a Mortgage Intermediary under Regulation 30 of the European Union (Consumer Mortgage Credit Agreements) Regulation 2016. Copies of our regulatory authorisations are available on request. The Central Bank of Ireland holds registers of regulated firms. You may contact the Central Bank of Ireland on 1890 777 777 or alternatively visit their website at www.centralbank.ie to verify our credentials. (Our reference number is C1457)
- Marine & General Insurances DAC is subject to the Minimum Competency Code 2011, the Consumer Protection Code 2012 and Fitness and Probity standards which can be viewed on www.centralbank.ie
- Marine & General Insurances DAC holds written appointments with a number of insurance undertakings, lenders and product producers; however, Marine & General Insurances DAC has selected one preferred product producer, Irish Life Assurance Plc for life insurance plans (including life assurance, specified illness cover, income protection, unit linked savings, investments, and pension plans), tracker bonds, and Personal Retirement Savings Accounts (PRSAs). Analysis of the market will be limited to products provided by Irish Life Assurance Plc. While the firm has selected one preferred product provider, this in no way effects any existing business that clients have transacted with Marine & General Insurances DAC. This existing business which was placed with the Life Assurance Companies and Product Providers set out on the list below will remain with those individual Life Assurance Companies and Product Providers. This will be continued to be review and serviced by Marine & General Insurances DAC as previously. Where a specific product requested by any client is not provided or produced by Irish Life Assurance PLC, Marine & General Insurances DAC will analyse the Irish Market to source that product form the Life Assurance Companies and Product Providers it holds appointments with. A list of the product producers with which Marine & General Insurances DAC holds an agency appointment outlined at the end of this document.
Marine & General Insurances DAC may receive commission and other payments from the life assurance provider to whom orders are transmitted. Summary details of these payments will be included in a product information document, under the Customer Information Notice section, which you are legally entitled to receive before an application for a product is completed, and full details will be included with your cooling-off letter and welcome pack . Any ongoing commission shown in the Customer Information Notice will be paid to me as long as I continue to be your Financial Adviser. Details of charges and commission payments for other products are available on request. In certain circumstances the firm may charge you a fee for the services provided. If we do this, we will provide you with a written estimate of this in advance of providing any business service. On mortgage business, the firm is remunerated by commission of up to 1% on completion of a mortgage with lenders. In certain circumstances, there may be an additional fee of up to €1,000 where the mortgage amount is low and we will advise you of this in writing.
- Marine & General Insurances DAC complies with the requirements of the General Data Protection Regulation 2018 and the Irish Data Protection Act 2018. The data which you provide to us will be held on a computer database and paper files for the purpose of arranging transactions on your behalf. Your data will be passed to the relevant product producers with whom Marine & General Insurances DAC has agencies for the purpose of arranging transactions agreed with you. Your data will be processed only in ways compatible with the purposes for which it was given and as outlined in our Data Privacy Notice and Data Protection Policy and Procedures. This information will only be used to provide you with business services, to meet any legal and regulatory obligations, and for legitimate business reasons. From time to time, we will send information about other financial products and services, provided by us or associated companies with which we have a formal business arrangement, which we think may be of interest to you. You have the right to ask us not to send you this marketing material and, at any time you can ‘opt out’ of receiving marketing material. You have a right to see the information that is held on you and you can do this by writing to me at the address given. We would like to contact you by way of letter, email or telephone call. If you would like to receive to receive such marketing information please complete the permission statements contained in the Terms of Business Client Acknowledgement Letter attached. You have the right at any time to request a copy of any ‘personal data’ within the meaning of the GDPR) that our office holds about you and to have any inaccuracies in that information corrected. Please contact us at Marine & General Insurances DAC if you have any queries about your personal data.
- It is the policy of Marine & General Insurances DAC 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 proceeding to provide any business service. If you have not been advised on any such conflict you are entitled to assume that none arises.
- Marine & General Insurances DAC will, if necessary, exercise its legal rights to receive any payments due to it, from clients for business services provided by it and to be reimbursed for any value obtained by it for clients arising from payments to it by clients which subsequently default. Irish Life Assurance Plc may withdraw benefits on default of payments due under any products arranged for your benefit. Details of these provisions will be included in your product terms and conditions.
- Any complaint that you may have in relation to the business services provided should be made in writing to Marine & General Insurances DAC outlining the nature of your complaint. All complaints will be acknowledged in writing within 5 business days of the complaint being received. The complaint will be fully investigated by Marine & General Insurances DAC and a full response will be provided to you as soon as possible. We will aim to provide this response not later than 40 business days from receipt of your complaint and will provide you with a regular update on the progress of the investigation of the complaint at intervals of not greater than 20 business days, starting from the date on which the complaint was made. In the event that you remain dissatisfied with the firm’s handling of and response to your complaint you are entitled to refer your complaint to the Financial Services and Pensions Ombudsman (contact details below).
Financial Services and Pensions Ombudsman
Phone: 01 567 7000
- Marine & General Insurances DAC is a member of the investor compensation scheme run by the Investor Compensation Company Limited. The scheme provides a way of paying certain investors compensation, subject to the relevant limits, if they suffer financial loss caused by an investment firm being unable to meet its financial obligations (in other words, pay everything it owes). In the event that a right to compensation is established, the amount payable is the lesser of ninety per cent of your loss, which is recognised as being eligible for compensation, or €20,000.
These Terms of Business are effective from 13th of June 2018
The following are a list of Insurance undertakings and product producers from which letters of appointment are held by Marine & General Insurances DAC.
Life & Pensions
Aviva Life & Pensions
BCP Asset Management
Standard Life Assurance Company
Independent Trustee Company
Pepper Finance Corporation