Michael Scroope Insurances Limited wishes to draw your attention to some important consumer information regarding our business. This is an important document – please read carefully and if you have any questions please contact us. If there are any material changes to the information in this document you will be issued with a revised copy as soon as possible.
What is this document?
These terms of business set out the basis on which Michael Scroope Insurances Limited will provide business services to you as a client of the firm. They also contain details of our regulatory and statutory obligations and the respective duties of both the firm and you in relation to such services.
Michael Scroope Insurances Limited is a member of the Irish Brokers Association & the Brokers Federation of Ireland.
Michael Scroope Insurances Limited is regulated by the Central Bank of Ireland under the Investment Intermediaries Act, 1995 (as amended), and the European Communities Insurance Mediation Regulations, 2005. Copies of our Authorisations are available on request; alternatively the Central Bank of Ireland holds registers of regulated firms which can be viewed on their website www.centralbank.ie
Michael Scroope Insurances Limited is subject to and complies with the Consumer Protection Code, Minimum Competency Code and the Fitness and Probity Standards. These Codes offer protection to consumers and can be found on the Central Bank of Ireland website www.centralbank.ie
Remuneration and Fees
Michael Scroope Insurances Limited is remunerated by commission and / or a professional fee for the initial work activity and time spent in seeking the best terms, advice, product and product producer for your specific needs.
We are usually remunerated by commission received from the product producers for the work involved in placing an order and finalising the product with them on your behalf. Details of commission arrangements are available on request (Some product producers do not pay a commission). For Life, Pensions and Investment business, commissions receivable are disclosed prior to providing the service to you. We may also be remunerated by way of override payments from certain product providers
We are remunerated by fees as noted in the schedule of our fees below. An administration fee is also charged for the activity involved in the renewal of the policy and also any alterations that take place during and at termination of a policy. For Life, Pensions and Investment business where a fee is to be charged, this fee will be agreed in writing with you prior to the provision of that service.
Scale of Fees
|Class of Business – Personal Lines||Charge|
|Private/Commercial Motor, Campers & Motor Cycle||Up to a maximum of €75|
|Household, Travel & all other personal lines risks||Up to a maximum of €50|
|Mid Term Alterations / Cancellations / Duplicate Documentation||Up to a maximum of €45|
|Motor Legal Expenses / Personal Accident Cover (Offered Optionally on Private / Commercial Motor Insurance Policies)||€25.88|
|Class of Business – Commercial Lines||Charge|
|Commercial Property, Traders Combined, Employers & Public Liability, Motor Fleets, Motor Trade, Engineering & all other business related risks||Up to a maximum of 30% of premium or €250 per policy|
|Mid Term Alterations / Cancellations / Duplicate Documentation||Up to a maximum of 30% of premium|
|Class of Business – Health Insurance||Charge|
|Renewals / New Business||Commission Only|
|Class of Business – Life / Pensions / Investments||Charge|
|Renewals / New Business||Commission / Fee based service|
For advice without the placement of business or where premiums are on a net basis, we may charge fees as follows:
- Directors and Managers time – €150.00 per hour
- Consultants, Sales Team Executives and Clerical Assistants time – €75.00 per hour.
Please note that some Insurance Companies may collect our administration charge on our behalf for direct debit policies. We reserve the right to amend these fees should the complexity of the product require a higher fee. We will confirm and agree this fee with you prior to any increased charge being applied. We also reserve the right to charge an administration fee of 3% in respect of premiums paid by credit card.
Michael Scroope Insurances Limited will accept payments in cash, by cheque and by credit/debit card in respect of all classes of insurance in the circumstances permitted under Section 25G of the Investment Intermediaries Act, 1995. Michael Scroope Insurances Limited is not authorised to accept cash or negotiable instruments in any other circumstances. Premiums are due on / or before renewal / inception date. Under the Central Bank legislation very strict rules apply in the payment of premiums to Insurance companies. We will not be able to pay premiums to insurers which have not been received from clients. Therefore, to avoid policy cancellation, premiums must be paid strictly within the credit terms, if agreed, otherwise immediately prior to cover incepting or renewal date. A section 30 receipt will be issued for all premiums paid. A written acknowledgement will be issued in respect of direct debit cases.
We will offer advice on a fair analysis of the market basis in relation to all classes of insurance policies and life assurance products. This means we will research the market place and providers and recommend the best product to suit your own needs. We will identify and select a suitable product producer and on receipt of your instructions we will transmit orders on your behalf to one or more product producers (a list of which is available on request). This firm does not have ‘tied’ relationship with any institution that would compromise our ability to offer you independent advice and choice.
Instructions for Policy Amendments
It is important to note that where an instruction is transmitted to amend your policy via phone message, text, email, or fax, changes in cover are only operable provided they have been confirmed by Michael Scroope Insurances Limited.
Conflict of Interests
It is the policy of Michael Scroope Insurances Limited 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 before proceeding to provide any business service. If you have not been advised of any such conflict you are entitled to assume that none arises.
Cancellation / 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 for general insurance and 30 days in respect of life assurance products, of the start date of the policy without penalty and without giving any reason – this is known as the Cooling Off period. The right of withdrawal may be exercised by notice in writing to Michael Scroope Insurances Limited quoting your policy number. Should this right be exercised the Insurance Company may charge a pro rata premium for the period you are on cover. If the cover is motor insurance the premium cannot be refunded until the Certificate of Insurance and Windscreen Disc have been received by Michael Scroope Insurances Limited. You, the customer can cancel your policy by notice in writing at any time. Provided that all reasonable charges pertaining to costs incurred by Michael Scroope Insurances Limited have been paid and provided that no incident giving rise to a claim has occurred in the current period of insurance, you will be entitled to a proportionate return of the premium for the un-expired period of insurance unless the policy is on a minimum and deposit basis, and if this is the case, no return will be allowed on the policy and this will be noted on your policy schedule. If you cancel during the first year (outside of the Cooling Off period) short term rates apply, please see policy terms and conditions. In the case of cancellation of motor insurance you must return the Certificate of Insurance and Windscreen Disc to Michael Scroope Insurances Limited. Insurance companies normally reserve the right to cancel policies at any time by giving appropriate notice to your last known address. Please refer to your policy terms and conditions.
Failure to Pay or Default
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 a mid-term adjustment
• Your bank returns your cheque due to insufficient funds or any other reason
• non-disclosure of relevant information
• Insurer imposed cancellation
Your insurer may cancel your policy in certain circumstances. These conditions are clearly outlined on all policy documents.
When your policy ends or is cancelled, we will send you any documentation and information that you are entitled to on request. We reserve the right to take legal action for the recovery of any outstanding premiums due to Insurers or fees due to Michael Scroope Limited.
The company has a written procedure in place for the effective consideration and handling of complaints. Any complaints should be addressed in writing to the Managing Director, Michael Scroope Insurances Limited. Each complaint will be acknowledged by us within 5 working days of receipt, updates will be advised in intervals of not more than 20 working days. We will endeavour to resolve the complaint within 40 business days and findings will be furnished to you within 5 working days of completion of the investigation. In the event that you are not entirely satisfied with the firms handling of and response to your complaint, contact may be made with the Irish Brokers Association, 87 Merrion Sq, Dublin 2 and ultimately you have the right to complain to the Financial Services Ombudsman, 3rd Floor, Lincoln House, Lincoln Place, Dublin 2.
Investor Compensation Company Ltd (ICCL) Scheme
Michael Scroope Insurances Limited is a member of the Investor Compensation Company Ltd (ICCL) Scheme established under the Investor Compensation Act, 1998. The legislation provided for the establishment of a compensation scheme and to the payment in certain circumstances, of compensation to certain clients of firms (known as eligible investors) covered by the Act. However, you should be aware that a right to compensation would only arise where client money or investment instruments held by this company 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 the Act. In the event that a right to compensation is established, the amount payable is the lesser of 90% of the client’s loss, which is recognised as being eligible for compensation, or €20,000.
Irish Brokers Association (IBA) Compensation Fund Ltd
As a member of the Irish Brokers Association (IBA), Michael Scroope Insurances Limited is also a member of the IBA Compensation Fund Ltd. Subject to the rules of the scheme the liabilities of its member firms up to a maximum of €100,000 per client (€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 ICCL (established by law) has failed to adequately compensate any client of the member.
Michael Scroope Insurances Limited is a Data Controller as defined in the Data Protection Act 1988 and 2003. We collect your personal details in order to provide the highest standard of service to you. We take great care with the information provided; taking steps to keep it secure and to ensure it is only used for legitimate purposes. To fulfil these objectives we may share information with other affiliated professionals. The information and other data provided to our office may be used to advise you of products and services we may offer from time to time. You have the right at any time to request a copy of any ‘personal data’ within the meaning of the Data Protection Act 1988(as amended or re-enacted from time to time) that our office holds about you and to have any inaccuracies in that information corrected.)
All insurance contracts contain conditions which impose obligations on the policyholder. It is important that you read and understand your policies. If in addition the insurers impose warranties we will bring these to your attention. A warranty must be complied with literally. Failure to comply with the exact terms of a warranty may mean the Insurers obligations under the policy will be automatically terminated or claim not paid. If you cannot comply with the terms of any warranty please advise us immediately.
Duty of Disclosure
It is your responsibility to provide complete and accurate information for insurers when arranging an insurance policy, throughout the life of that policy, and when you are renewing it. It is important that you ensure that all information provided and all statements made on proposal forms, claim forms, and other documents are, to your knowledge and belief, complete and accurate. Failure to disclose any material information to your insurers could invalidate your insurance cover and could mean that all or part of a claim will not be paid.
Research / Market Security
We use both local and international insurers / markets to obtain the best terms and conditions available. In selecting an insurer, a wide variety of factors are taken into account including the financial statements of the insurer in question. We do not, and cannot, guarantee the financial security of any insurer. If you have any concerns about the security offered, please contact us immediately.
All claims or circumstances likely to give rise to a claim should be reported immediately to Michael Scroope Insurances Limited. Failure to do so may entitle insurers to refuse indemnity under the policy. If you are in doubt as to whether or not a matter should be reported, please tell us and we will be happy to advise.
Email & Electronic Communication of Insurer Documentation
We may communicate with each other by electronic mail, sometimes attaching further electronic data, where we have each expressed a wish for that to happen. By consenting to this method of communication, we both accept the inherent risks [including the security risks of interception of, or unauthorized access, to such communications, the risk of non-delivery, the risks of corruption of such communications and the risks of viruses or other harmful devices. Notwithstanding that we have reasonable virus checking procedures on our system, you will be responsible for virus checking all electronic communications sent to you. You will also be responsible for checking that messages received are complete.
Governing Law & Language
The laws of Ireland form the basis for establishing relations between you and Michael Scroope Insurances Limited. All contracts, terms, conditions and communications relating to any policies you may enter with this firm will be in English. The terms set out above apply to any service provided to you after March 2012 and should the firm change its terms, you will be notified in advance.
Terms of Business
I acknowledge and confirm that I have been provided with a copy of the Terms of Business of Michael Scroope Insurances Limited and that I have read through, understand and agree to these terms.
Document effective from 16th December 2014