We, Joseph G Brady Insurances Ltd (Brady Insurance) act as intermediary (Broker) between you, the consumer, and the product provider with whom we place your business.
The background
Pursuant to provision 4.58A of the Central Bank of Ireland's September 2019 Addendum to the Consumer Protection Code, all intermediaries, must make available in their public offices, or on their website if they have one, a summary of the details of all arrangements for any fee, commission, other reward or remuneration provided to the intermediary which it has agreed with its product producers.
How are Brady Insurance remunerated?
Brady Insurance may be remunerated by a commission receivable from the Product Producer or by a fee payable by our client or a combination of both. Our Scale of Fees are shown within our Terms of Business displayed separately on our web site here and details of our commission agreements with Product Producers are outlined here. Brady Insurance scale of fees and the commissions shown herein reflect our maximum potential remuneration. However, where in the opinion of Brady Insurance, the work undertaken by us and the value of the service provided does not warrant a remuneration reflecting any fee or commission maximum, then Brady Insurance will charge you, our client, a lower fee or accept a lower commission from the Product Provider as the case may be.
What is commission?
For the purpose of this document, commission is the payment earned by the intermediary for work undertaken on behalf of both the provider and the consumer. The amount of commission is generally directly related to the quantity or value of the products sold.
General (Non Life) Insurance Products
General insurance products, such as motor, home, travel, health, retail, property or liability insurance, are typically subject to a single or standard commission model, based on the amount of premium charged for the insurance product.
In some cases, Brady Insurance may be a party to a profit-share arrangement with a Product Provider and will earn additional commission but business will always be placed with a Product Provider in a clients best interests taking all relevant information, demands and needs into account including the price of the product.
Clawback
Clawback is an obligation on the intermediary to repay unearned commission. Commission can be paid directly after a contract is concluded but is not deemed to be ‘earned’ until after a specified period of time. If the consumer cancels or withdraws from the financial product within the specified time, the intermediary must return commission to the product producer.
Premium Finance
Commission may be earned by Brady Insurance for arranging credit for consumers through premium finance.
Commission from Product Producers
A full breakdown of commissions we earn is available here. This section gives indicative values across every product provider and every product advised whereby a commission or fee is received within our business. This is the maximum our Brokerage will take and is subject to change, in certain cases our Brokerage may take a different remuneration than the enclosed percentages/amounts. This will be disclosed to each client as per the Central Bank Consumer Protection Code regulations, on a client by client basis.
Other Fees, Administrative Costs/ Non-Monetary Benefits
Click here to see our Terms of Business.
The firm may also be in receipt of non-monetary benefits such as:
- Attendance at product provider seminars
- Assistance with Advertising/Branding