Terms of Business
These Terms of Business set out the general terms under which we will provide business services to you and the respective duties and responsibilities of both ourselves and you in relation to such services and are applicable from 18/08/2021. Please ensure that you read these terms thoroughly and if you have any queries, we will be happy to clarify them. If any material changes are made to these terms, we will notify you.
Authorisation and Codes of Conduct
Carron Insurances Limited is regulated by the Central Bank of Ireland as an Insurance, Investment and Mortgage Intermediary. Copies of our regulatory authorisations are available on request. You may contact the Central Bank of Ireland on 1890777777 or alternatively visit their website at www.centralbank.ie to verify our credentials on their register. Our reference code is C6129. We are also subject to the Consumer Protection Code, Minimum Competency Code and Fitness & Probity Standards which offer protection to consumers. These Codes can also be found on the
Central Bank’s website.
See below for a list of Providers we have agencies with:
|General Insurance Companies|
|Accident & General Insurance Services Ltd||AIG Europe Ltd (Ireland Branch)|
|Aiken Insurances Ltd||Allianz Plc|
|Aon Ireland Ltd t/a Aon||Arachas Corporate Brokers Ltd|
|ARAG Legal Protection Ltd||ARB Underwriting Ltd|
|Arthur J Gallagher Insurance Brokers Ltd||Aviva Insurance Ireland DAC|
|AXA Insurance dac||Benchmark Underwriting Ltd|
|BMCI Insurance & Investments Ltd||Chubb European Group SE|
|Citynet Insurance Brokers Ltd||DUAL Underwriting Ireland DAC|
|Ecclesiastical Insurance Group||Hickey Clarke & Langan General Insurances Ltd|
|Hooper Dolan Insurances Ltd||KennCo Underwriting Ltd|
|Liberty Insurance dac||MJ O’Neill (Insurances) Ltd|
|Munich Re Risk Solutions Ireland Ltd (MRRSI)||Optis Insurance Ltd|
|Prestige Underwriting (Ireland) Services Ltd||RSA Insurance Ireland dac|
|Travelers Insurance Company Ltd||Willis Risk Services (Ireland) Ltd|
|Wrightway Underwriting Ltd||Zurich Insurance plc|
|Life & Investment Companies|
|Aviva Life & Pensions Ireland D.A.C||Irish Life Assurance plc|
|Independent Trustee Company Ltd||New Ireland Assurance Company Plc|
|Newcourt Retirement Fund Managers Ltd||Utmost PanEurope Dac|
|Standard Life Assurance||The Royal London Mutual Insurance Society Ltd|
|Wealth Options Ltd||Zurich Life Assurance plc|
|Dilosk DAC Finance Ireland||Finance Ireland Credit Solutions DAC|
|Haven Mortgages Ltd||KBC Bank Ireland plc|
Conflicts of interest
We at Carron Insurances Ltd will act in our client’s best interests at all times. It is the policy of our firm to avoid conflicts of interest when providing services to our clients. However, where an unavoidable conflict of interest arises, we will advise and agree this with you in writing before providing you with any service. As per above on remuneration policy we receive payment from the providers for your business.
Disclosure of Information
We act as your representative to the companies we have agencies with, and we will provide assistance to you for any queries you may have in relation to your policies or in the event of a claim during the life of the policies and we will explain to you the various restrictions, conditions and exclusions attached to your policy. However, it is your responsibility to read the policy documents, literature and brochures to ensure that you understand the nature of the policy cover. Material information about medical history, non-smoker status, occupation category and any hazardous pursuits are central to underwriting decisions and it is imperative that all information you provide to the insurer is accurate and complete. Any failure to disclose material information may invalidate your claim and render your policy void. You are under a duty to answer all questions posed by the insurer or ourselves on your behalf, honestly and with reasonable care. It is presumed, unless the contrary is shown, that you would know all questions in an application or at renewal is material to the risk undertaken by the insurer or the calculation of the premium by that insurer, or both. You must disclose any material information including any material changes that might take place between the time you complete an application form and the time your pay the first premium. To assist us in providing you with a comprehensive service and to keep our records as up-to date as soon as possible, please notify us of any changes to your personal circumstances, e.g. name change, change of address, etc.
Although we will not be considering adverse impacts of investment decisions on sustainability factors in our investment and insurance based Investment advice, we will keep an eye on the changes the Product Providers put in place and note any adverse effect on the cost to you if any.
Adverse Sustainability Impacts Statement
After due consideration with regards the legislation on Sustainable Finance Disclosure Regulation, due to our size and the type of business we transact with our clients, we have decided not to consider adverse impacts of investment decisions on sustainability factors in our investment and insurance-based Investment advice. The reason we have decided this course of action is because we do not produce these investments, it is the Product Producers we have agencies with that build the Investment Products we advise on. Within the next year we will consider whether we will continue with this view, to ensure we stay within the guidelines of the legislation. All information re Sustainable Finance Disclosures will be adhered to by the Product Producers and their brochures and documents will outline their disclosures.
If any of the investments we provide advice on have a Sustainability Finance Disclosure, these investments will be produced by the product providers we have agencies with, and their brochures and documents will have full details of the areas that are considered.
Carron Insurances Limited is remunerated by commission and other payments from product producers on the completion of business. You may choose to pay in full for our services by means of a fee. Where we receive recurring commission, this forms part of the remuneration for ongoing advice with regards to the business we advise you on and we will provide you with an annual update on your Investment business. In certain circumstances, it will be necessary to charge a fee for services provided. In other circumstances where fees are chargeable or where you choose to pay in full for our service by fee, we will notify you in writing in advance and agree the scale of fees to be charged if different from fees outlined below.
If we receive commission from a producer, this will be offset against the fee which we will charge you. Where the commission is greater than the fee due, the commission will become the amount payable to us unless an arrangement to the contrary is made. A summary of the details of all arrangements for any fee, commission, other reward or remuneration paid or provided to us by the product producers are available on our website. If we provide mortgage advice and obtain a Loan Offer for you and you subsequently do not proceed with your mortgage application through Carron Insurances Limited, we will charge you an arrangement fee of €750 for our services.
Client Monies & Receipts
Carron Insurances Limited may only accept payment from clients payable to itself where an insurance undertaking has invited a renewal of a policy of insurance, or the proposal for insurance has been accepted by an insurance undertaking. In all other instances’ payment must be made out to the Product Provider. We shall issue a receipt for each non-negotiable or negotiable instrument or payment received. These are issued with your protection in mind and should be stored safely.
The acceptance by Carron Insurances Limited of a completed proposal DOES NOT in itself constitute the effecting of a policy. It is only when the Provider confirms the policy is in place that your policy is live.
It is in your best interests that you review, on a regular basis, the products which we have arranged for you. As your circumstances change, your needs will change. Please advise us of those changes and request a review of the relevant policy so that we can ensure that you are provided with up-to-date advice and products best suited to your needs.
Default on payments by clients
We will exercise our legal rights to receive payments due to us from clients (fees) for services provided. Product producers may withdraw benefits or cover in the event of default on payments due for products arranged for you. We would refer you to policy documents or product terms for the details of such provisions.
Whilst we are happy to receive verbal complaints, it would be preferable that any complaints are made in writing. We will acknowledge your complaint in writing within 5 business days advising you of the name of the person dealing with your complaint on behalf of the company. Please address any complaint to Carron Insurances Limited 79 Main Street, Blackrock, Co. Dublin. We shall investigate the complaint as swiftly as possible, and the complainant will receive an update on the complaint at intervals of not greater than 20 business days starting from the date on which the complaint is made. On completion of our investigation, we will provide you with a written report of the outcome. In the event that
you are still dissatisfied with our handling of or response to your complaint, you are entitled to refer the matter to the Financial Services and Pensions Ombudsman (FSPO), Lincoln House, Lincoln Place, Dublin 2, Lo call 01 5677000 email email@example.com. A full copy of our complaint’s procedure is available on request.
Investor Compensation Scheme
We are members of the Investor Compensation Scheme. The Investor Compensation Act, 1998 provides for the establishment of a compensation scheme and the payment, in certain circumstances, of compensation to certain clients (known as eligible investors) of authorised investment firms, as defined in that Act. Compensation may be payable where money or investment instruments owed or belonging to clients and held, administered or managed by the firm cannot be returned to those clients for the time being and where there is no reasonably foreseeable opportunity of the firm being able to do so. A right to compensation will arise only: If the client is an eligible investor as defined in the Act; and If it transpires that the firm is not in a position to return client money or investment instruments owned or belonging to the clients of the firm; and To the extent that the client’s loss is recognised for the purposes of the Act. Where an entitlement to compensation is established, the compensation payable will be the lesser of: 90% of the amount of the client’s loss which is recognised for the purposes of the Investor Compensation Act, 1998; or Compensation of up to €20,000. For further information, contact the Investor Compensation Company Ltd. at (01) 224 4955.
We are also members of the Brokers Ireland Compensation Fund. Subject to the rules of the scheme the liabilities of its members firm 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 on request.
Governing Law and Business Succession
These Terms of Business shall be governed by and construed in all respects according to the laws of the Republic of Ireland and will be deemed to cover any successors in business to Carron Insurances Limited.
Carron Insurances Ltd. complies with the requirements of the Data Protection Acts 1988-2018. Here at Carron Insurances Limited we take your data protection seriously and will only use your data as outlined in our Data Privacy Notice. We will provide you with our privacy notice in relation to how we use your data which also can be accessed on our website: www.carroninsurances.ie.
We will still be allowed to contact you in relation to the business we have advised you on, even if you opt out of marketing material. You have the right to be removed from our mailing lists in the future, by contacting us and requesting same in writing to Carron Insurances Ltd, 79 Main Street, Blackrock or by emailing firstname.lastname@example.org.
During our performance of the contract, we may wish to send messages and/or documents to each other by e-mail. Like other means of communication, email carries with it the responsibility of inadvertent misdirection or non-delivery of confidential material. All risks connected with sending commercially sensitive information relating to your business by e-mail are borne by you and not our responsibility. If you do not accept this risk, you should notify us in writing that e-mail is not acceptable means of communication. Both parties will carry out procedures to protect integrity of data. In particular, it is the recipient’s responsibility to carry out a virus check on attachments before launching any documents.