TERMS OF BUSINESS

Authorised Status:
These terms of business set out the terms under which Aaran Insurance (“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, 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).

Our Services
Our principal business is to provide advice on the most suitable products and arrange transactions on behalf of customers in relation to Non Life insurance and Life insurance products. Receiving and transmitting orders to insurance companies. We do not guarantee nor make representations in regard to, and expressly disclaim responsibility for, the Financial Security of Insurance Undertakings and/or Product Producers with which we place business, i.e. we 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. Advice to clients is based on a fair and personal analysis of the available market for Non Life insurance products. This means that the analysis is on a sufficiently large number of insurers and product producers available on the market, who deal with insurance intermediaries, to enable Aaran to make a recommendation, in accordance with professional criteria, regarding which product is the most suitable. We will identify and select a suitable insurance company and on receipt of your instructions we will transmit orders on your behalf to one or more insurance companies. We will offer assistance in relation to existing policies in processing changes to policies and in seeking renewal terms. A full list of insurers and product producers with whom we deal with is available on request. We provide Life insurance 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’ needs. The following products are not offered on a fair analysis basis: Travel Insurance is provided by KennCo Underwriting Ltd; Life insurance is provided by Irish Life, Royal London, Aviva Life, Standard Life, Zurich Life, Standard life and Friends Provident.

Fair and Personal Analysis
The concept of fair and personal analysis describes the extent of the choice of products and providers offered by an intermediary within a particular category of life assurance, general insurance, mortgages, and/ or a specialist area. The number of contracts and providers considered must be sufficiently large to enable an intermediary to recommend a product that would be adequate to meet a client’s needs. The number of providers that constitutes ‘sufficiently large’ will vary depending on the number of providers operating in the market for a particular product or service and their relative importance in and share of that market. The extent of fair analysis must be such that could reasonably be expected of a professional conducting business, taking into account the accessibility of information and product placement to intermediaries and the cost of the search.
In order to ensure that the number of contracts and providers is sufficiently large to constitute a fair and personal analysis of the market, we will consider the following criteria:
• the needs of the customer,
• the size of the customer order,
• the number of providers in the market that deal with brokers,
• the market share of each of those providers,
• the number of relevant products available from each provider,
• the availability of information about the products,
• the quality of the product and service provided by the provider,
• cost, and
• any other relevant consideration.

Investor Compensation
Aaran Insurance is a member of the Investor Compensation Scheme operated by the Investor Compensation Company dac. The scheme was established under the Investor Compensation Act, 1998 (as amended) (the “Act”). A right to compensation will only arise where money or investment instruments held by us on your behalf cannot be returned either for the time being or for the foreseeable future and where you fall within the definition of eligible investor as contained in the 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, or €20,000. Further information is available from www.investorcompensation.ie.

Brokers Ireland Compensation Fund
As a member of Brokers Ireland , Aaran Insurance is also a member of the Brokers Ireland Compensation Fund. Subject to the rules of the scheme the liabilities of its member firms up to a maximum of €100,000 per client (or €250,000 in aggregate) may be discharged by the Fund on its behalf if the member firm is unable to do so, where the above detailed Investor Compensation Scheme has failed to adequately compensate any client of the member. Further details are available from Brokers Ireland www.brokersireland.ie.

Handling Clients’ Money
Aaran Insurance will accept payments by cheque or by credit/debit card in respect of all non-Life classes of insurance in the circumstances permitted under Section 25G of the Investment Intermediaries Act, 1995 (as amended). Aaran Insurance is not authorised to accept negotiable instruments in any other circumstances. Premiums are due on or before renewal date or inception date of the policy or before any policy changes which result in an additional charge. It is your responsibility to ensure that your payment has reached us and that your policy has been incepted/renewed/amended. If we do not receive your renewal payment on or before your renewal date, your policy will lapse and no cover will be in place. Aaran Insurance will not charge or refund customers where there is an outstanding balance amounting to €1 or less. Where payment is made to Aaran Insurance by credit or debit card, any subsequent refund due may be refunded to the card used to make the initial payment.

Quotations
All quotations are valid for the day the quotation is offered. All quotations and cover are issued subject to acceptance by the insurer. A full copy of the insurers’ policy wording, terms and conditions is available upon request. Please note full disclosure of all material facts, including medical history and claims, must be made before taking out a policy and at renewal and throughout the life of a policy and therefore you must inform us of any changes in circumstances which may affect the services we provide and the cover provided by the insurance company. You are responsible for providing complete and accurate information in connection with any proposal for cover. Failure to disclose all relevant information, or misrepresenting any fact which may influence the decision to accept the risk or the terms offered could result in your policy being cancelled, claims not being paid, difficulty in getting insurance elsewhere and in the case of property insurance failure to have property insurance in place could lead to a breach of the terms and conditions attaching to any loan secured on the property. Quotations sought through the Aaran Insurance website may be provided based on certain assumptions. Payment for a quotation sought through the Aaran Insurance website does not automatically constitute evidence of cover, unless written confirmation has been issued to you from Aaran Insurance. Otherwise, you will be contacted by phone following receipt of your payment to reconfirm your details and have your policy arranged. Cover does not come into force until it has been confirmed to you by Aaran Insurance. The terms of your chosen policy shall take precedence over any statement, representation, act or omission which may have been made by Aaran Insurance and which conflicts with any terms of your chosen policy. You must check all details on any proposal form or statement of facts and pay particular attention to any declaration you are asked to sign. It is important that you read all documents issued to you and ensure that you are aware of the cover, limits, warranties, conditions and other terms that apply. Failure to disclose all relevant information could result in your policy being cancelled, claims not being paid and difficulty in getting insurance elsewhere.

Money Laundering
Aaran Insurance reserves the right to request any facts about you which it reasonably believes it needs to know in order to comply with the Criminal Justice (Money Laundering and Terrorist Financing) Acts 2010 – 2018.

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:

*New Business & Renewal Set up Charge 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

*New Business & Renewal Set up Charge: 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.

Where the client fails to pay or defaults
We reserve the right to instigate cancellation proceedings in the event of the following:
• Your non payment of the premium due at inception, renewal or following an alteration
• Your bank returns your payment due to insufficient funds or any other reason
• Direct Debit default
• Non disclosure of relevant information
• Provision of incorrect or inaccurate information
• Non return of necessary documentation within the required timeframe
• Insurer imposed cancellation

In the event that you fail to pay and/or fail to provide us with a completed and signed direct debit mandate within the required timeframe, we will advise the insurance company involved and cover will be cancelled. Insurance companies may withdraw cover on default of any payments due under any products arranged for your benefit. Details of these provisions will be included in your policy/product terms and conditions. If you have a loan with Premium Credit Limited, the rebate from the product provider will be added to your loan account and then the outstanding balance or refund will be determined. Aaran Insurance will take such steps as may be necessary to recover any monies due to us including the instigation of legal proceedings, the appointment of a receiver and all other rights available to us. Should there be a default of a direct debit payment Aaran Insurance will charge up to €25 fee for recovery of the defaulted payment. In the event that the loan is to be reinstated following a default, a charge of up to €40 will be applied.

Data Protection
Aaran Insurance complies with the requirements of the General Data Protection Regulation (EU) 2016/679 (“GDPR”) and the Irish Data Protection Act 2018. Aaran Insurance is committed to protecting and respecting your privacy. The data will be processed only in ways compatible with the purposes for which it was given. These are outlined in the Privacy Statement which is available for review online at www.aaran.ie. We will ensure the Privacy Statement is easily accessible through our website. If this medium is not suitable for you we will ensure you can easily receive a hard copy, please contact us to request a copy. Please contact us at info@aaran.ie if you have any concerns about your personal data. Please note, where you make a credit application or enter into a credit agreement for the provision of credit to you, we will require you to provide your personal public service number (PPSN) for the Central Credit Register in accordance with section 5(2) of the Credit Reporting Act 2013. You confirm that Aaran Insurance is authorised to accept instructions on your policy/quotation from any person(s) whom Aaran Insurance may reasonably believe are acting on your behalf.

Cancellation
Either party may, at any time, cancel the policy. If you wish to cancel your policy, you must send written instructions to Aaran Insurance. For Private and Commercial Motor Insurance, you must return your Insurance Certificate and Disc before your policy can be cancelled. Aaran Insurance may instruct your insurers to cancel your policy. If this happens, you will be issued with prior written notification to your last known address. Policies can be enforced cancelled by insurers due to, but not limited to, non payment, non disclosure, provision of incorrect information over the phone and online or where the necessary documentation is not submitted within a required time frame. If you cancel during the first year of insurance (outside the cooling off period) short term rates apply in accordance with the terms and conditions of your insurance policy. Please note – our set up charge is non refundable and a cancellation charge (details of which are set out above) will apply to all cancellations (outside the cooling off period). The cancellation charge will be deducted from any rebate due to you prior to being issued to you, in this event, it will be agreed in writing by you in each instance.

Cooling Off Period
A consumer (as defined by SI No 853 of 2004) has the right to withdraw from an insurance policy (as defined under SI No 853 of 2004) within 14 days of the start date of the policy (except in the case of travel policies whose operative period is for one month or less) without penalty and without giving any reason. This is known as the cooling off period. For Life, Pension and Investment policies the cooling off period is 30 days from the start date of the policy. The right of withdrawal may be exercised by notice in writing to Aaran Insurance quoting your policy number. The right to withdraw applies provided that no claim or adjustment has been made or is intended to be made or no incident has occurred which is likely to give rise to a claim. Should this right be exercised the insurance company may charge for the period you are on cover. For motor insurance the insurance certificate and disc must be received by Aaran Insurance before the policy can be cancelled. Please note that the policy set up charge is non refundable if you choose to withdraw from the policy within the cooling off period.

Conflict of Interest
It is the policy of Aaran Insurance to avoid any conflict of interest when providing business services to 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. Aaran Insurance may be in receipt of soft and or enhanced commissions from insurers with whom we deal. Aaran Insurance brings to your attention that Aaran Insurance and Ivernia Insurance Limited have common a shareholder and directors.

Complaints
We take complaints made against us very seriously and maintain a procedure to ensure that complaints are dealt with promptly and fairly. All complaints should be addressed to The Complaints Officer, Aaran Insurance, Chill Insurance House, Ravenscourt Office Park, Sandyford, Dublin D18 K267. Aaran Insurance will acknowledge in writing each complaint received within 5 business days of the complaint being received. Aaran Insurance will 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. Aaran Insurance will 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 still not resolved, Aaran Insurance will inform the complainant of the anticipated timeframe within which Aaran Insurance hope to resolve the complaint. At this point Aaran Insurance will inform the complainant of their right to refer the matter to the Financial Services & Pensions Ombudsman, Lincoln House, Lincoln Place, Dublin 2, D02 VH29 Tel: (01) 567 7000; Email: info@fspo.ie; Website: www.fspo.ie. Where Aaran Insurance resolve the complaint, Aaran Insurance 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. If the complaint relates to the pricing of an insurance premium, the complaint in that instance should be made directly to the insurer.

Limitation of Liability
We shall be liable to you for any losses, damages, reasonable costs or expenses (together the “Losses”) incurred by you arising directly from our negligence or omission with respect to the services that we provide but subject to the condition that the maximum aggregate liability that we will have to you (including any related company or affiliate of yours) for any and all Losses (or other claims arising in connection with the services that we provide) shall for all purposes whatsoever be limited to a maximum amount of €500,000. We shall not be liable in contract or in tort or in any circumstances to you (including any related company or affiliate of yours) in connection with the services that we provide for any special, indirect or consequential loss, loss of profits or damage to reputation.

The above noted limitation on liability shall not apply in circumstances where you are a consumer within the meaning of the Central Bank of Ireland’s Consumer Protection Code 2012 (the “Consumer Protection Code”). For the avoidance of doubt, when you are a consumer within the meaning of the Consumer Protection Code, these Terms of Business, including the above noted limitation on liability, shall not exclude or restrict, or seek to exclude or restrict:
a) any legal liability or duty of care to that consumer which we have under applicable law or under the Consumer Protection Code.
b) any other duty to act with skill, care and diligence which is owed to that consumer in connection with the provision to that consumer of financial services; or
c) any liability owed to that consumer for failure to exercise the degree of skill, care and diligence that may reasonably be expected of us in the provision of a financial service.

General Legal

Variation
Aaran Insurance reserves the right to amend these Terms of Business at any time but such amendments shall not affect any rights or obligations already accrued by you or Aaran Insurance. Any such revision to these Terms of Business will be notified to you by publication on our Website. You will be provided with an up to date copy of the Terms of Business at the time of entering into or renewing your policy with Aaran Insurance.

Termination
Either of us may terminate this Agreement by written notice at any time but such amendments shall not affect any rights or obligations already accrued by you or Aaran Insurance. Any such revision to these Terms of Business will be notified to you by publication on our Website. You will be provided with an up to date copy of the Terms of Business at the time of entering into or renewing your policy with Aaran Insurance.

Written Communications
We will contact you by email or provide you with information by posting notices on our Website. You accept that communication with us will be mainly electronic. You agree to this electronic means of communication and you acknowledge that all contracts, notices, information and other communications that we provide to you electronically comply with any legal requirement that such communications be in writing. This condition does not affect your statutory rights.

Force Majeure
We will not be liable or responsible for any failure to perform, or delay in performance of, any of our obligations that is caused by events outside our reasonable control including any act, event, non-happening, omission or accident beyond our reasonable control. Our performance under these Terms of Business is deemed to be suspended for the period that such event continues and we will have an extension of time for performance for the duration of that period.

Waiver
If we fail to insist upon strict performance of any of your obligations under these Terms of Business, or if we fail to exercise any of the rights or remedies to which we are entitled under these Terms of Business, this shall not constitute a waiver of such rights or remedies and shall not relieve you from compliance with such obligations. A waiver by us of any default shall not constitute a waiver of any subsequent default. No waiver by us of any of the terms of this Agreement shall be effective unless it is expressly stated to be a waiver and is communicated to you in writing by our authorised personnel.

Severability
If any of the terms of these Terms of Business are determined by any competent authority to be invalid, unlawful or unenforceable to any extent, such term, condition or provision will to that extent be severed from the remaining terms, conditions and provisions which will continue to be valid to the fullest extent permitted by law.

Entire Agreement
These Terms of Business and any document expressly referred to in it constitutes the whole agreement between us and supersedes and replaces any previous arrangement, understanding or agreement between us relating to the subject matter of these Terms of Business.

Governing Law
These Terms of Business are subject to the laws of Ireland and the Courts of Ireland will have exclusive jurisdiction over any dispute.

Terms of Business valid from: May 2019