Dickson Wilson Insurance Brokers Ltd acts as an intermediary (Broker) between you, the consumer, and the product provider with whom we place your business, i.e. your insurance company. *see below for list of trading names
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, 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.
What is Remuneration?
Remuneration is the payment earned by the intermediary for work undertaken on behalf of both the provider and the consumer. The amount of remuneration is generally directly related to the premium or value of the products sold.
What is Commission?
Commission is payment that may be earned by an intermediary for work undertaken for both provider and consumer.
There are different types of remuneration and different commission models:
General Insurance Products
General insurance products, such as motor, home, travel, health, retail or liability insurance, are typically subject to a single commission model, based on the amount of premium charged for the insurance product.
Profit Share Arrangements
In some cases, the intermediary may be a party to a profit-share arrangement with a product provider and will earn an additional commission. Any business arranged with these product providers on a client’s behalf will be placed with the product provider because that product provider is at the time of placement, the most suitable to meet the client’s requirements, taking all the client’s relevant information, demands and needs into account.
Clawback
Clawback is an obligation on the intermediary to repay unearned commission. Commission can be paid directly after a transaction 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 the commission to the product producer
.
Other Fees, Administrative Costs/ Non-Monetary Benefits
The firm may also be in receipt of other fees, administrative costs, or non-monetary benefits such as:
Company Name | Customer Type | Max Commission (% Single/Renewal) |
AIG | Personal & Commerical | 0-25 |
Aiken and Co(Insurances) Ltd | Personal & Commerical | 0-20 |
Allianz | Personal & Commerical | 0-25 |
Aon Insurance Ltd | Personal & Commerical | 0-20 |
Arachas Insurance | Personal & Commerical | 0-20 |
ARB Underwriting Ltd, | Personal & Commerical | 0-15 |
Aviva Insurance | Personal & Commerical | 0-20 |
AXA Insurance Ltd | Personal & Commerical | 0-20 |
Benchmark Underwriting Ltd | Personal & Commerical | 0-20 |
Capital I M | Commercial | 0-10 |
Catalpa Underwriting Ltd | Personal & Commerical | 0-15 |
Citynet | Commercial | 0-20 |
Contessa Ltd | Commercial | 0-15 |
Corporate Underwriting Ltd | Commercial | 0-15 |
DAS Legal Protection & Sevices | Personal & Commerical | 0-10 |
Dolmen Insurance | Personal & Commerical | 0-10 |
Dual Insurance Co | Personal & Commerical | 0-15 |
Ecclesiastical | Commercial | 0-20 |
Event Sure | Commercial | 0-20 |
Everest | Commercial | 0-15 |
First Ireland | Commercial | 0-7.5 |
Footprint Underwriting | Personal | 0-10 |
Frost Underwriting | Commercial | 0-15 |
Isure Underwriting | Commercial | 0-20 |
Kennco Underwriting Ltd | Personal & Commerical | 0-20 |
Liberty Insurance | Personal & Commerical | 0-20 |
OBF Insurance Group | Personal & Commerical | 0-10 |
Optis Insurance | Commercial | 0-17.5 |
Patrona Underwriting | Personal & Commerical | 0-20 |
Prestige Underwriting Services Ltd | Personal | 0-10 |
Royal & SunAlliance | Personal & Commerical | 0-20 |
RSA Galway | Personal & Commerical | 0-20 |
Securus Insurance Ltd | Personal & Commerical | 0-20 |
Sertus Underwriting Ltd. | Personal | 0-20 |
Specialist Underwriting Services Ltd | Commercial | 0-17.5 |
The Underwriting Exchange | Commerical | 0-20 |
Thomand Underwriting | Commercial | 0-15 |
Travelers Ireland | Commercial | 0-15 |
Willis Insurance | Commercial | 0-20 |
Worldwide Insurance Brokers & Advisors | Commercial | 0-20 |
Wrightway Underwriting | Personal & Commerical | 0-20 |
Zurich Insurance PLC | Personal & Commerical | 0-20 |
Contact us on +353 (1) 802 6622
No matter what your insurance needs you can rest assured that Dickson & Wilson Insurance Brokers will work with you to provide the best deal for you.