These Terms of Business applicable from 10/03/2021 and 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. 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
Parish Life Limited t/a Premier Insurances is regulated by the Central Bank of Ireland. Our authorisation can be checked with the Central Bank of Ireland by calling them on 1890777777 or on their website centralbank.ie. Our reference code is C50918. 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. We are a member of Brokers Ireland.
We are an Insurance Intermediary, and our principal business is to provide advice and arrange transactions on behalf of our clients in relation to life, pensions, Insurance based investment and General Insurance business and services.
We are not under a contractual obligation to conduct Insurance distribution business exclusively with one or more Insurance Undertakings and do not give advice on the basis of a fair and personal analysis for Life or General Insurance, we do however provide advice from the selection of products provided by the Companies we have agencies with. We recommend the product that, in our professional opinion, is best suited to your needs and objectives from this selection of products. See below for the Life Agencies we have at present; if you require a list of General Insurers, we have an agency with please ask.
|Aviva Life & Pensions Ireland Dac|
|Irish Life Assurance plc|
|New Ireland Assurance Company plc|
|Royal London Insurance dac|
|Zurich Life Assurance plc|
|Hive Insurance Services DAC|
As part of the process when giving our clients advice on Investments we will need to gather information with regards your investment knowledge and experience, if this information is not provided, we will not be in a position to determine whether the product is appropriate for you.
Conflicts of interest
It is the policy of Premier Insurances to avoid a conflict of interest when providing services to clients. Where an unavoidable conflict arises, we will advise you of this in writing before providing any business services. If you have not been made aware of any such conflict you may assume that none arises. As per our remuneration policy, we receive commission from the companies we have agencies with for the business you transact.
Premier Insurances has a written procedure for the handling of complaints. Your complaint can be in writing, email, telephone or face to face. If your complaint is face to face or by phone, we will write to you to confirm our understanding of your complaint. We will acknowledge your complaint 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 Complaints Officer, Premier Insurances, 14 Liberty Square, Thurles, Co. Tipperary. If in the event, a complainant is dissatisfied with the outcome of our investigation, you are entitled to refer the matter to the Financial Services & Pensions Ombudsman, 3rd Floor, Lincoln House, Lincoln Place, Dublin 2, Lo call 01 5677000 email firstname.lastname@example.org.
Investor Compensation Scheme
Premier Insurances is a member of the Investor Compensation Scheme. The legislation provides for the establishment of a compensation scheme and to the payment in certain circumstances, of compensation to clients of firms covered by the Act. However, you should also be aware that a right to compensation would only arise where 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.
Premier Insurances complies with the requirements of all applicable Data Protection Acts 1988-2018. The data will be processed in line with our Data Privacy Notice which will be distributed to all our clients and is also available on request or on our website at premierinsurances.ie. Please contact us at email@example.com if you have any concerns about your personal data.
Product providers are entitled to withdraw benefit or cover on default of any payments due under any products arranged for your benefit. It is therefore critical to the guaranteed continuance of your insurance that your premium is paid in full. Some insurers may include as a term of the insurance a settlement due date or in some cases a warranty under the terms of which the premium must be paid to them by a certain date. We inform our clients of such requirements and the relevant date in good time to allow the payment terms to be met. Failure to comply with the terms of the warranty may mean that the insurers obligation under the policy will be terminated. We will automatically advise you of any payments outstanding on your policy and the consequences of failure to pay premiums. We will exercise our legal rights to receive any payments due from clients for business services provided. An outline of the action and remedies which the relevant product producers may take in the event of default by a client is included in the product producers’ policy document.
Premier Insurances is remunerated by commission and other payments from product producers on the completion of your business. 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 the case of life or general insurance where we are not in receipt of commission, we may charge a service fee agreed in writing with clients prior to conducting any business, depending on complexity of the transaction, time spent and nature and extent of the transaction.
Our fees on Life Assurance are charged as follows:
Advisor fees: €200 per hour. Support Staff: €150 per hour. On Personal Lines policies we may apply a charge of up to €150 and for Commercial Products we reserve the right to charge a fee which will be a % of the premium and agreed in advance, this will include all mid-term adjustments and/or cancellations. We may charge up to €100 for all mid-term adjustments and/or cancellations. When arranging finance for general insurance products we may apply a charge of up to €100 for facilitating the finance agreement.
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 is available on our website. If you need further explanation on this information, please do not hesitate to call us.
Handling Clients’ Money
Premier Insurances will accept payments in cash, by cheque, credit/debit card, in respect of all classes of insurance in circumstances permitted under legislation, i.e., where the money represents premiums in respect of either a renewal of a policy which has been invited by an insurance undertaking, or a proposal accepted by an insurance undertaking. Every effort is made to ensure that clients’ money is transmitted to the appropriate Financial Institution/Product Provider without delay. It is important to note that your renewal premium should be paid on or before renewal date.
We recommend that all cheques or negotiable instruments are made payable to the appropriate Financial Institution/Product Provider for Life, Pensions, and Investment business. We shall issue a receipt for each payment received. These receipts are issued with your protection in mind and should be stored safely.
Your Duty of Disclosure
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 the 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, previous claims, 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.
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. Any failure to disclose material information may invalidate a claim and render your policy void. You must inform and 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.
For all your insurance needs
News & Insights
We are very proud that our team member Lorcan Russell CFP SIA LIB QFA is a CERTIFIED FINANCIAL PLANNER, CFP® and has been certified by the Financial Planning Standards Board (FPSB) Ireland. We believe the CFP® certification to be the gold standard in financial planning.