Remuneration Policy

Aaran Insurance Ltd.

These terms of business set out the terms under which Aaran Insurance Limited (“Aaran Insurance”) will provide insurance services to you. Please ensure that you read through this document carefully. If you require further clarification regarding any matter we will be happy to deal with your queries. These terms shall apply to any service provided to you by Aaran Insurance and will remain in force until further notice.  They also contain details of our regulatory and statutory obligations and the respective duties of both Aaran Insurance and you in relation to such services.  Please note that by proceeding with your Aaran Insurance quotation or policy you agree to the terms as laid out in this Terms of Business document.  By accepting these Terms of Business you acknowledge that you have read and understand them; and you have read and understand the information contained within your chosen quotation and/or policy, which is also contractually binding on you.

REGULATORY & AUTHORISED STATUS:
Aaran Insurance Limited, Chill Insurance House, Ravenscourt Office Park, Sandyford, Dublin 18, Tel: (01) 478 20 20, Email: info@aaran.ie, Web site: www.aaran.ie (“our Website”).  Aaran Insurance is regulated by the Central Bank of Ireland as an insurance intermediary registered under the European Union (Insurance Distribution) Regulations, 2018.  A copy of our regulatory authorisation is 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.

Aaran Insurance is subject to and must comply with the Central Bank of Ireland’s Consumer Protection Code, Minimum Competency Code and Fitness and Probity Standards which offer protection to consumers.  The codes are available for inspection on the Central Bank of Ireland’s web site www.centralbank.ie.     Aaran Insurance is registered with the Competition & Consumer Protection Commission (CCPC) as a credit intermediary for Premium Credit Limited (to arrange the provision of premium credit).

REMUNERATION POLICY
Aaran Insurance is remunerated by a professional fee for the initial work and time spent in seeking the most suitable terms, product and insurance company for your specific needs.  An administration fee is also charged for the activity involved in the renewal of the policy and any alterations that take place during and at termination of a policy.  Our fees are outlined below.  We may earn our remuneration on the basis of fee, commission and any other type of remuneration, including an economic benefit of any kind offered or given with the insurance contract.  We are usually remunerated by commission received from insurance companies for work involved in placing an order and finalising the product on your behalf and for the provision of advice regarding life and non life business.  Commission is deemed fully earned by Aaran Insurance at inception and/or renewal of every policy.  Aaran Insurance may be in receipt of override commissions from Insurers, details of which are available on request. The amount of commission receivable by Aaran Insurance under any non-life policy of insurance is available on request.  Fees are charged on the under noted scale, and cover the sourcing of the product, administration costs, and standard advice on product placement.  Clients may pay in full for the service provided by means of a fee which will be agreed, in writing, with the client by Aaran Insurance in advance of the provision of service.  The amount of any commission received by Aaran Insurance will not be deducted from any fee payable.  All prices quoted by Aaran Insurance are inclusive of the applicable Government Levy.

Non-Life Insurance: Up to 40% of the premium
Policy Amendment or Cancellation Charge: Up to €65
Duplicate documentation/Letter of Driving Experience: Up to €20
Cancellations within the first year: 10% of the premium per month plus 10% penalty (less €65 fee)

Where separate premium finance agreements are arranged for you via a premium finance provider we may earn additional commission of up to 5% of the annual premium. Should there be a default of a direct debit payment Aaran Insurance will charge a fee for recovery of the defaulted payment of up to €25.  In the event that the loan is to be reinstated following a default, a charge of up to €40 will be applied.

*Please note the New Business and Renewal standard set up charge is non refundable.

LIFE ASSURANCE
In respect of life assurance protection contracts we are remunerated by commission paid by the life company. Fees are charged on time spent and disbursements basis. Our current basic hourly rate is €210 for Directors and €75 for support staff. The rate is determined by factors such as specialist skills, complexity, value, risk and urgency. If a policy is being taken out with Aaran Insurance to replace an existing policy not in the agency of Aaran, we are not responsible for the cancellation of the existing policy or any overlap of premium that may occur when the new policy is put in place with the chosen life company. A client must organise the cancellation with the Life company involved directly or with the broker who is named on the existing policy.  All premiums quoted on application are quoted on the basis a client is accepted at standard rates and quotes are only valid for 7 days.

Valid From: May 2019