TERMS OF BUSINESS

(effective 27.01.2014)

Authorised Status:
This firm is authorised in Ireland to provide investment instrument insurance policies under Section 10 of the Investment Intermediaries Act, 1995, as amended. This firm is also registered as an insurance/reinsurance intermediary under the European Communities (Insurance Mediation) Regulations, 2005, as amended. This firm is subject to the following Codes of Conduct issued by The Central Bank of Ireland. These codes offer protection to our clients and all of the codes can be found on the Central Bank’s website  www.centralbank.ie :  Consumer Protection Code 2012, Minimum Competency Code 2011, Handbook of  Prudential Requirements for Investment Intermediaries, and Fitness & Probity Standards 2014.

Regulatory Status:
David Jones Insurances Limited t/a Aaran Insurances is regulated by the Central Bank of Ireland. This firm does not have any “tied” relationships with any institution that would compromise our ability to offer you advice and choice.   This firm is also a member of the Irish Brokers Association (IBA).This firm is authorised to provide the following services:  Offer advice in relation to all classes of all non-life insurance (motor, property, liability, etc) and also in relation to life products (life assurance policies, pensions, savings & investment life assurance policies). Receive and transmit orders on your behalf for a product(s) to one or more Insurance Undertakings. This Firm does not guarantee nor make representations in regard to, and expressly disclaims responsibility for, the Financial Security of Insurance Companies and/or Product Producers with which we place business, i.e. this Firm cannot and will not be held liable for loss or partial loss of premium if the Insurance Undertaking goes into Liquidation/Receivership during the period of any policy duration. We provide non-life services to our clients on a “fair analysis of the market” basis, i.e. on the basis of a sufficiently large number of contracts and Insurance Undertakings available in the market, to enable our firm to make a recommendation, in accordance with professional criteria, regarding which contract would be adequate to meet our clients consumers’ needs. We provide life services to clients on a “limited analysis of the market” basis, i.e. on the basis of a limited number of contracts and Insurance Undertakings available in the market, to enable our firm to make a recommendation, in accordance with professional criteria, regarding which contract would be adequate to meet our clients consumers’ needs, namely Irish Life, Royal London, Aviva Life, Standard Life, Zurich Life, Standard life and Friends Provident.

Consumer Protection:
*Investor Compensation Company Ltd. (ICCL). 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 & to the payment in certain circumstances of compensation to clients of firms covered by the Act.  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, & 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 lessor of 90% of your loss which is recognised as being eligible for compensation, or €20,000”. In addition to the Compensation available under the “Investor Compensation Act 1998” this firm is bonded through  membership of IBA for €250000 in aggregate with an inner limit of €100000 per client.  All clients personal data we retain is strictly confidential and available only to this firm. We do not pass on clients details to any other firm, unless instructed to do so by our clients.

Handling Clients’ Money:
This firm will accept payments in cash and/or by cheque in respect of all classes of insurance in circumstances permitted under Section 25G of the Investment Intermediaries Act, 1995. Credit Card/Debit Card Payments are also accepted . In the event that a client fails to pay within the credit terms agreed when cover is arranged or renewed, the Firm will advise the Insurance Undertaking involved and cover will be cancelled.

Remuneration policy:
Aaran Insurances will be paid for the services which we provide to you by means of a remuneration agreement with the Insurance Undertaking. Details of remuneration are available on written request. This firm has a remuneration agreement in place with Axa Insurance Ltd which is based on the levels of business introduced to them by this firm. This Firm is remunerated  by commission, and additional broker fees of up to 40% of Insurance Undertakings’ total premium (including all stamp duties, levies, etc) for arrangement and servicing of new business, renewals and also renewal transfers from one Insurance Undertaking to another, in respect of all classes of  non-life insurance. An insurance intermediary fee of €65 will be charged for mid-term policy alterations – any higher fees charged will be advised specifically and agreed with you in advance.  Return premiums for General Insurance will be dealt with by us by cheque refund or Debit/Credit Card refund, having deducted in each and every instance an insurance intermediary fee of €65. By signing the “Client Acknowledgement” you hereby agree to this fee deduction in each and every instance. We will charge €20.00 insurance intermediary fee for duplicate Proof of No Claims Bonus and also for Letters of Driving Experience. General Insurance (non-life) policies which are cancelled in their first year with any Insurer will have “short-period” penalty rates applied by us as follows;  We will charge 10% of the premium paid by you to us, per month of cover or part thereof,  plus a 10% penalty, less €65 insurance intermediary fee.  If we arrange Premium Finance for you we will charge up to a further 5% extra for this service and minimum €60 insurance intermediary fee. We will charge €20.00 insurance intermediary fee every time we collect direct debit arrears from you on behalf of Premium Credit. Where an Insurance Undertaking applies higher “short-period” rates,  we will apply same less €65 insurance intermediary fee. Very exceptional circumstances may warrant consideration by us and should be agreed before policy cancellation. This Firm is remunerated by both commission and/or insurance intermediary fees for the arranging, or the provision of advice, regarding life assurance, pensions, etc. Insurance intermediary 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.

Conflict of Interest and Complaints:
It is the policy of this Firm to avoid any conflict of Interest when providing business services to its clients. Where an unavoidable conflict may arise, we will advise you of this in writing before providing any business service. This Firm has a written procedure in place for the handling of complaints. This procedure ensures that all complaints are  recorded and acknowledged within 5 business days. All complaints are fully investigated and the complainant updated at intervals of not greater than 20 business days. We will attempt to investigate and resolve a complaint within 40 business days. All complaints should be directed in writing to Mr. David Jones, Complaints Officer, Aaran Insurances, 44 Harolds Cross Road, Dublin 6W.  In the event that a client remains dissatisfied with the handling of and/or response to a complaint, they may refer the matter to The Financial Services Ombudsman.