BMCI Insurance & Investments Limited is regulated by the Central Bank of Ireland
March 2012/Version 6
Terms of Business
BMCI Insurance & Investments Limited is regulated by The Central Bank of Ireland pursuant to The Investment Intermediaries Act 1995 and The Insurance Act 2000 to provide insurance services.
We aim at all times to conduct our business with utmost good faith and integrity.
In delivering our service to clients, we are bound by a Code of Conduct, the requirements of which are set out under Section 37 of The Investment Intermediaries Act 1995.
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.
We organise and control the internal affairs of our business in a responsible manner and ensure our staff are competent, suitable and under adequate day-to-day supervision.
We maintain a system of internal accounting controls so that our clients’ monies are kept separate from our own. We endeavour to satisfy the insurance requirements of our clients and to place their interests before all other considerations.
Investor Compensation Company Ltd
BMCI Insurance and 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 clients 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 and Investments Limited is bonded through its membership of the IBA for €200,000 with an inner limit of €100,000 per Client.
As part of our service to our Clients, we have written procedures in place for the effective consideration and handling of complaints. An acknowledgement must be sent to you the Client within fourteen days upon receipt. The outcome of the investigation will be communicated to the person who made the complaint. Any complaint regarding our service to you from any member of staff should be addressed in the first instance to
BMCI Insurance & Investments Limited,
If you the Client remain dissatisfied with the Firms handling of your complaint contact may then be made with The Financial Regulator, P.O. Box 559, Dame Street, Dublin 2.
Conflict of Interest
It is our policy to avoid any conflict of interest when providing business services to Clients. In the unlikely event of an unavoidable conflict of interest, we will advise you in writing before providing the service to ensure that you are fairly treated.
Handling Client’s Money
BMCI Insurance and 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 and 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.
BMCI insurance and investments 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 and Investments Limited are deemed to be paid to the relevant insurer and the indemnity is provided under Section 25G of The Insurance Act 2000.
Mid Term Adjustments/Remuneration Policy
BMCI Insurance and Investments Limited may charge a documentation fee of €25.00 for each transaction in respect of all products.
BMCI Insurance and Investments Limited normally receives commission from a Product Producer, the level of which is determined by the policy class being underwritten.
BMCI Insurance & Investments Limited
is regulated by the Central Bank of Ireland
March 2012/Version 6
In addition to or in lieu of commission the Firm may charge a brokerage fee for its services, 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. Commission levels are available upon request.
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 40% of the premium but may be subject to a minimum fee of €25.
In respect of clients with multiple policies no more than 40% 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 the higher of €25 or 40% of the premium.
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.
In the event of policy cancellation when a refund is received from the product provider, on condition that the premium is paid in full, we will refund our client within five working days. If our client wishes, we can credit the clients account with such an amount. We may charge an administration fee on such transactions.
BMCI Insurance and Investments Limited, Terms of Business shall be governed by and constructed in all aspects according to the laws of the Republic of Ireland.
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 prospective insured’s and their agents, who are obliged to act with utmost good faith towards insurers at all times. In addition, you are obliged to disclose to insurers, before the contract is concluded, all material information which is known to them. The obligation of disclosure is not limited to material information of which they are aware, it extends to those matters of which they ought to be aware in the ordinary course of their business.
If there is any breach in your duty to act with utmost good faith or failure to disclose any material information to insurers, the insurers are entitled to void the policy of insurance from inception if the breach induced the making of the contract on the relevant terms. In effect, this means they would be entitled to act as if the policy had never existed and seek recovery of any claims already paid under that policy.
The duties of utmost good faith and disclosure also apply to the claims process and 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.
In completing a proposal or claim form, or other document relating to an insurance policy, the accuracy of all answers, statement and or information is your responsibility.
List of Product Producers, ARB Underwriting Ltd, Aiken & Company Ltd, Aviva General Insurance Ltd, Aviva Life Ltd, Allianz Ireland plc, AON Insurance Markets Ltd, Axa Broker Ltd, BCP Asset Management Limited, Bespoke Investments Limited, BMS Harris & Dixon Marine Ltd, British Marine Luxembourg SA, Caledonian Life Ltd, Chartis Insurance Ireland Ltd, Chubb Insurance Company Ltd, COBRA London Markets Limited, COFACE UK & Ireland Ltd, Cowan Insurance Brokers Ltd, Corporate Underwriting Ltd, Culleton Insurances Ltd, D&D Insurance Ltd, Ecclesiastical Insurance Office plc, Estate Insurance Group Limited, Friends First Life Assurance C Ltd, COBRALM Limited, Hooper Dolan Insurance Ltd, Irish Life Assurance plc, JLT Insurance Brokers Ireland Ltd, Kennco Underwriting Ltd, New Ireland Assurance Company Ltd, Norman Thompson Insurances Limited, O’Brien Finlay Insurance Associates Ltd, O’Reilly Insurances Ltd, Prestige Underwriting Services (IRL) Ltd, Liberty Insurance Ltd, Insurance Ltd, QBE Insurance (Europe) Limited, RFIB Insurance Brokers Ltd, Royal & Sun Alliance Insurance plc, Scottish Mutual International Limited, Scottish Providence Ireland, Standard Life Assurance Company, The Underwriting Exchange Ltd, Thoroughbred Insurance Services Ltd, Wealth Options Limited, Willis Risk Services (Ireland) Limited, Windsor Partners LLP, Zurich Insurance Company (Ireland) Ltd, Zurich Life Assurance Co of Ireland Ltd