Terms of Business

BMCI Insurance & Investments Limited t/a BMCI, BMCI Insurance & Investments

DUBLIN OFFICE: Suite 6, 12-15 Killegland Street, Ashbourne, Co Meath A84 HH77.
Telephone: +353 1 8831010   Fax: +353 1 8831025   Email: admin@bmci.ie   Website:  www.bmci.ie

WATERFORD OFFICE: G5 City Enterprise Centre, Waterford Business Park, Waterford.
Telephone: +353 51 584401      Email: teresajane@bmci.ie   Website:  www.bmci.ie
Knowledgeable – Professional - Contactable
These terms of business set out the basis on which BMCI Insurance & Investments Limited will provide services to you as our client.  These terms of business are effective for all new customers from 1st February 2014 and for all existing customers from their policy renewal date falling due on or after 1st January 2014, and replaces any terms of business that may have been previously issued to you our client by us.  Please read these terms carefully.  If you have any queries please contact us at the above address and we will be happy to clarify anything contained herein for you.
Authorised Status
BMCI Insurance & Investments Limited is regulated by The Central Bank of Ireland under the Investment Intermediaries Act 1995 (as amended) and is registered with The Central Bank of Ireland as an Insurance Intermediary under the EC (Insurance Mediation) Regulation, 2005.  Copies of our various authorisations are available on request.  Alternatively The Central Bank of Ireland holds registers of regulated firms which can be viewed on their website at www.centralbank.ie  BMCI is a member of the Irish Brokers Association.
Statutory Codes
BMCI Insurance & Investments  Limited is subject to and complies with the Consumer Protection Code, the 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 at www.centralbank.ie
Our Services
As Insurance Intermediaries we provide advice in relation to non-life insurance policies and life assurance products and services.  We will receive and transmit orders on your behalf, on receipt of your instructions to one or more product producers (a list of which is available on request).  We will offer advice on a fair analysis basis in relation to all classes of insurance policies.  This means we will research the market place and providers and recommend the best product to suit your own needs.  Where we do not provide a product or service on the basis of fair analysis of the market we will disclose to you the names of those product producers who’s products or services we considered as part of the analysis.  We will provide you with a quotation and will make our recommendation to you following a fact finding exercise to assess your demands and needs.  Our recommendation will be in writing and will include a Suitability Statement which will outline the reasons why the product or service is considered suitable.  We will provide you with all relevant documentation within a reasonable time upon contract conclusion.  We will provide advice and will assist you in making claims under insurance policies arranged by us on your behalf.  We do not have any “tied” relationship with any institution that would compromise our ability to offer independent advice and a wide choice. In the conduct of business and in the choice of an insurer, we aim to provide advice objectively and independently in our clients’ best interests. 
Handling Client Money
BMCI Insurance & Investments Limited will only accept payments in cash, cheque or direct credit transfer in respect of all classes of insurance permitted under Section 25G of The Investment Intermediaries Act 1995. We are not authorised to accept cash or any other negotiable instruments in any other circumstances.
The Central Bank’s Regulations preclude BMCI Insurance & Investments Limited from paying premiums to insurers, which have not been paid to us. Where a Client fails to pay a premium in full we must advise the Product Producer involved and the cover will be cancelled. It is therefore critical to the guaranteed continuance of your insurance cover that your premium is paid strictly in accordance with your credit terms.
We keep client money separate from our own money.  We do this by paying it into a designated Client Premium Account.
Remuneration and Fees
BMCI Insurance & Investments Limited normally receives commission from a Product Producer, the level of which is determined by the policy class being underwritten.  Details of commission arrangements are available on request.  Some product producers don’t pay commission.  BMCI may also receive additional commission payments from certain product producers resulting from factors such as the levels of business introduced by us to the product producer.  BMCI may also receive additional income from interest earned on insurance monies in our bank accounts and/or from income derived from arranging premium finance.
In addition to or in lieu of retained commission BMCI may charge a brokerage fee for its services, including claims handling, which will be determined by a number of factors including class of business, specialist skills, complexity value, risk urgency and amount of commission receivable.  Our broking fee scale is set out below.  If we charge a fee and also receive commission, we will explain to you whether or not the commission will be offset against the fee, either in part or in full.
Scale of Fees
The following is the scale of fees that may be applied to the various types of business we transact.   Any Broking Fee charged on a renewal or new business will not exceed 100% of the premium but may be subject to a minimum fee of €25.
In respect of clients with multiple policies no more than 100% of the total annual premium will be charged although this may be charged in the form of a single transaction on a single policy or a variation thereof.  
Midterm adjustments/cancellation may be subject to a charge which will be €25 or 40% of the premium, whichever is the greater.
A Compliance fee of 2% of the gross premium will apply to all policies.
Claims in excess of €100,000 at final settlement may be subject to a charge for claims handling of 5% (calculated based on the final settlement amount).

We reserve the right to amend these fees should the complexity of the placing or the product require a higher fee. We will confirm and agree this fee with you prior to any increased charge being applied.
A fee of €25 may be charged for all duplicate documentation.
A fee of €25 may be charged for driving experience letters.
A fee of €25 may be charged for all financial institution indemnity letters.
Where we arrange Insurance Premium Finance on your behalf a handling charge of no more that 3% of the total premium being financed may apply.
BMCI Insurance & Investments Limited issues receipt for each non-negotiable or negotiable instrument or payment received pursuant to Section 30 of The Investment Intermediaries Act 1995. These are issued with your protection in mind and should be stored in a safe place. All premiums paid to BMCI Insurance & Investments Limited are deemed to be paid to the relevant insurer and the indemnity is provided under Section 25G of The Insurance Act 2000.
Client Rebates
In accordance with the Consumer Protection Code when a refund to the value of more than €10 is received from the product producer, and on condition that the premium for this product has been paid in full, we will refund you, our client, in full within 5 working days.  Where the premium rebate is €10 or less we will offer you the choice of :-
Receiving the premium rebate; or
Receiving a reduction from a renewal premium or other premium currently due to BMCI Insurance & Investments Limited; or
BMCI Insurance & Investments Limited making a donation of the rebated amount to a registered charity.
In respect of options b) and c) above, we will seek your consent on each occasion.  Where you have agreed to option c) we will document the donation to the relevant charity.  We may make this donation on one occasion each year for all of our clients to which this applies.
Where a rebate cheque has not been presented for payment within 6 months from the date of issue, we must return the rebate to the product producer.
Duty of Disclosure to Insurers
The law in the Republic of Ireland deems insurance to be a special class of contract which imposes onerous duties upon You the client (or prospective client) and Us (your agent), who are obliged to act with utmost good faith towards insurer(s) at all times. In addition, you are required to provide Insurer(s) with all material information relating to the insurance under consideration and all information you provide should be both complete and accurate.  “Material” in this context refers to all information, which a prudent insurer(s) (not necessarily the Insurer in question) would wish to take into account when considering whether or not to accept the risk and, if so, upon what terms and at what price.  Material information does not necessarily have to actually increase the risk of the insurance under consideration.  The obligation of disclosure is not limited to material information of which you are aware, it extends to those matters of which you ought to be aware in the ordinary course of your business.
The duties of utmost good faith and disclosure continues up until the insurance has been concluded and also applies to any situations during the period of the policy in which you are required under the terms of the policy or otherwise, to provide information to insurers including the extension or amendment or renewal of any policy.  It may also be that the terms of the policy include specific on-going disclosure conditions or warranties which effectively extend the duty of disclosure post inception of the policy.
In completing a proposal or claim form, or any other material document relating to an insurance policy, the accuracy of all answers, statement and/or information is your responsibility and it is of paramount importance that all relevant information is provided and that it is accurate.
If there is a breach of your duty of disclosure, the insurers are entitled to void the policy of insurance from inception.   In effect, this means insurer(s) would be entitled to act as if the policy had never existed and seek recovery of any claim(s) already paid under that policy.
In the case of property insurance, failure to have property insurance in place could lead to a breach of the terms and conditions attaching to any loan secured on that property.
If you are in any doubt as to the scope or extent of the duty of disclosure or whether a piece of information ought to be disclosed, please do not hesitate to contact us.
Your Cancellation Rights
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 of the start date of the policy without penalty and without giving any reason – this is known as the Cooling Off period.  If the contract concerned relates to life assurance or to a personal pension plan, the cancellation period for the contract ends 30 days after the beginning of the period.  The right of withdrawal may be exercised by notice in writing to BMCI Insurance & Investments 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 BMCI Insurance & Investments 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 BMCI Insurance & Investments 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 BMCI Insurance & Investments 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.
Your Personal Data and Data Protection Acts, 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.  If you do not wish to receive this information please advise us without delay.
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.
Conflicts of Interest
It is our policy to avoid any conflict of interest when providing business services to our clients.  In the unlikely event of an unavoidable conflict of interest, we will disclose this to you and obtain your written acknowledgement that you are aware of the conflict and have expressed your desire to proceed.  We will manage the conflict so that it does not result in damage to the interests of either party.
Defaults – Actions and Remedies
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 so we would ask you to read these conditions very carefully.  When your policy ends or is cancelled, we will send you any documentation and information that you are entitled to on request.
Customer Complaints
As part of our service to our clients, we have written procedures in place for the effective consideration and handling of complaints.
We will acknowledge each complaint received within 5 business days.  Your point of contact for any complaint should be addressed in the first instance to:
Dermot Lambe, BMCI Insurance & Investments Limited, Suite 5, Northwood House, Northwood, Santry, Dublin 9.
We will provide you with updates on the progress of the investigation at intervals of not more than 20 working days from the date on which the complaint was made.  We will attempt to resolve a complaint within 40 business days of having received the complaint.  If we cannot resolve a complaint within the 40 days outlined we will advise you of the anticipated time frame in which we hope to resolve the matter.  In the event that you are not entirely satisfied with our handling of the complaint you have the right to refer the matter to the Financial Services Ombudsman, 3rd Floor, Lincoln House, Lincoln Place, Dublin 2.  Phone 01 6620899,  www.financialombudsman.ie  We will provide you with our findings within 5 business days of completion of our investigation.
Consumer Protection
Investor Compensation Company Ltd
BMCI Insurance & Investments Limited is a fully paid up member of The Investor Compensation Scheme established under The Investor Compensation Act 1998. This Legislation provides for the establishment of a compensation scheme and to the payment, in certain circumstances, of compensation to Clients or firms covered by the Act.
A right to compensation will only arise where money or investment instruments held by the firm on a client’s 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 has been established, the amount payable is 90% of the client’s loss or €20,000, whichever is the lesser.
Irish Brokers Association
In addition to the compensation available under the Act, BMCI Insurance & Investments Limited is bonded through its membership of the IBA for €200,000 with an inner limit of €100,000 per Client
Governing Law
BMCI Insurance & Investments Limited Terms of Business shall be governed by and constructed in all aspects according to the laws of the Republic of Ireland.