Terms of Business
Date issued:_______________
This document sets out the terms under which the services of MMPI General Insurance Services Limited (“MMPI”, “the company”, “we”, “us”, “our”) will be provided to consumers (“you”) for business which is subject to the Central Bank of Ireland’s Consumer Protection Code.
About MMPI
MMPI is a financial services company specialising in the provision of advice on the processing of applications and claims for all types of insurance products.
MMPI is not tied to any one financial institution for any product or service. In addition to maintaining business arrangements with Irish financial institutions, we also have formal agreements with a number of insurance underwriters in London and Europe.
Company Contact Details
| MMPI General Insurance Services Limited, 101 Morehampton Road, Donnybrook Village, Dublin D04 TOC2 | |||
| Telephone: (01) 66 88 322 | Fax: (01) 66 88 309 | E-mail: info@mmpi.ie | Website: www.mmpi.ie |
Authorisations & Affiliations
MMPI General Insurance Services Limited is regulated by the Central Bank of Ireland under the European Union (Insurance Distribution) Regulations, 2018 to act as an Insurance Intermediary. We are members of Brokers Ireland, the leading representative body for insurance brokers.
Commitment to Customer Care
We conduct all of our business with clients, having due regard for both the letter and spirit of the Consumer Protection Code and the Minimum Competency Code published by the Central Bank of Ireland. We are also subject to the Central Bank of Ireland’s Fitness and Probity Standards. The Codes may be found on the Central Bank’s website www.centralbank.ie.
Fees and Charges
Our services may be paid for by a fee payable directly by you, and/or by introductory and recurring remuneration payable directly from product and service providers, such as banks, insurance companies, insurance underwriters, etc.
Remuneration for insurances including commercial, motor and home insurance is normally payable directly to us from product and service providers. We will provide you with details of amounts payable to us by product producers and service providers directly attributable to your policy on request.
For all types of insurances we may charge you a fee for providing our services. The fee will be dependent on the circumstances of individual cases. We may charge a fee of up to 50% of the total premium per policy. In all cases where a fee is charged the method of calculating the charge will be agreed with you in advance and the actual amount charged stated clearly on each individual Statement of Premium and/or Invoice.
We may enter into arrangements with product producers and service providers whereby additional remuneration, based on overall levels of business introduced by us and the quality of business introduced, may be payable.
If we receive recurring remuneration this will be in respect of the provision to you of product information we believe to be relevant to your circumstances and providing responses to any queries you may have on the insurance contract you have taken out. It will also contribute to our costs in supporting you with claims as they arise.
Our standard consultation fees are €500 (+VAT where applicable) per hour, reviewed annually. Fees may be negotiated for on-going contracts.
We may offset fees against remuneration received by us from product and service providers. If we intend to do so we will advise you in advance. If we do and you subsequently cancel, encash in full or in part, or cease to pay in full or in part any amounts due under the policy/contract and in consequence we are obliged to refund the remuneration paid to us by a product or service provider, we reserve the right to charge you a fee to reimburse us for the amount of remuneration refunded.
Premiums paid by credit/debit card or other electronic means may be subject to a charge of up to 2% on each transaction made up of the fee levied by the service provider, if any, together with any additional handling charge which may be applied by us.
Duty of Disclosure
You have a duty to disclose, in an honest and truthful fashion, all information relating to a proposal for an insurance policy. This may include, but is not limited to, lifestyle questions, previous claims, accidents, incidents, convictions, material disclosures and any other information, which may influence a decision by an insurance underwriter. In the event of non-disclosure, wilful or otherwise, the insurance company may have grounds to cancel the insurance policy from inception and/or to refuse any claims under the policy.
Conflicts of Interest
It is our policy to ensure that we serve our clients’ interests at all times to the very best of our ability. We are careful that our relationships with product and service providers, clients and other parties are maintained on a professional basis.
Where conflicts of interests arise and cannot be reasonably avoided we will disclose the general nature and/or source of the conflict of interest to you. We will seek your agreement in writing before we proceed and ensure that the conflict does not result in damage to your interests.
Complaints & Disputes
We have written procedures in place for the effective consideration and handling of complaints and a copy of our Complaints Policy is available on request. Where we cannot resolve a complaint immediately it is our policy, where practicable, to meet with you to resolve matters.
Any written complaint that you may have should be addressed to the Compliance Officer, MMPI General Insurance Services Limited, 101 Morehampton Road, Donnybrook Village, Dublin D04 T0C2. Where a complaint cannot be resolved within 5 business days we will issue you with a written acknowledgement of the complaint. All complaints will be fully investigated and the outcome of the investigation will be communicated to you within 5 days of completion of the investigation. If you are dissatisfied with our handling of the complaint or our response to it you may refer the issue to the Financial Services & Pensions Ombudsman who may be contacted as follows:-
Financial Services and Pensions Ombudsman
3rd Floor, Lincoln House,
Lincoln Place, Dublin 2
Lo Call: 1890 88 20 90 Tel: 353 1 6620899 Email: enquiries@financialombudsman.ie
Remedies on Default of the Company
We are a member of the Investor Compensation Scheme (“ICCL”) established under the Investor Compensation Act, 1998. This legislation provides for the establishment of a compensation scheme and the payment, in certain circumstances, of compensation to clients of firms covered by the Act. However, you should be aware that a right to compensation will only arise where money or investment instruments held by MMPI on your behalf cannot be returned either for the time being or in the foreseeable future and where you fall within the definition of eligible investor as set out in the Act. In the event that a right to compensation is established, the amount payable is the lesser of 90% of your loss which is recognised as being eligible for compensation or €20,000. Your legal rights against us are not affected by this scheme.
As a member of Brokers Ireland, MMPI is also a member of the IBA Compensation Fund Limited. Subject to the rules of the Fund the liabilities of its member firms up to a maximum of €100,000 per client (€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 ICCL has failed to adequately compensate any client of the member. In addition to the above mentioned compensation we also hold Professional Indemnity Insurance.
Remedies on Default of Consumer
If you default owing monies to us, it is our policy to pursue matters directly with you in order to achieve a satisfactory resolution. In cases where this approach proves unsuccessful, it is our policy to pursue the outstanding amount through appropriate legal channels.
In respect of insurance policies, premiums are due for payment on or before the inception, the renewal or the alteration date, as appropriate. Failure to make payment in full will result in us advising the insurer in question and cover may be cancelled from the commencement date (“ab initio”) or restrictions in cover may be imposed.
Bank fees charged on unpaid cheques will be charged to you and are payable in full with all other outstanding balances. No agency transfer may be undertaken until the account is cleared in full.
Client Premium Handling
Cheques and electronic transfers payable to us may be accepted in circumstances permitted by the Consumer Protection Code. A receipt will be issued in all cases. We cannot accept cash or negotiable instruments in any other circumstances.
Return premiums obtained, following a midterm alteration or cancellation of a policy will be refunded to you within 5 working days of being received by MMPI.
Credit Terms – Client Premiums
We are obliged under our regulatory status, to operate a strict credit control policy. Premiums must, therefore, be paid in full, on or before the renewal, inception or alteration date of the cover (unless being paid directly to the insurance company by direct debit). In order to protect the interests of our clients, MMPI is prohibited from paying any premiums to Insurers, which have not first been paid to MMPI by its clients.
Credit Terms – Premium Finance
We can, where circumstances permit, arrange suitable premium finance with approved credit companies, subject to the terms and conditions imposed by the finance provider. A fee may be levied for this service; if this is the case, you will be advised of the amount in advance. Premium finance will allow you pay your premium by instalments. Please refer to the paperwork provided by the finance provider for Annual Percentage Rate (APR) and monthly instalments. Please note that finance providers may carry out a credit assessment of your financial standing before offering any credit facilities. Therefore, finance is not guaranteed and as with all credit agreements, terms and conditions will apply. Our staff in MMPI will be happy to answer any questions that you may have with regard to finance arrangements. We strongly recommend that it is a term of our agreement with you that you read all documentation relating to any finance agreements before entering into such agreements. MMPI General Insurance Services Limited may receive remuneration from premium finance providers for administration, set-up and document processing.
IMPORTANT INFORMATION: Please be aware that your premium finance provider will share information with the Central Credit Register. The Central Bank of Ireland established the Central Credit Register, which is a centralised system for collecting personal and credit information on loans of €500 or above. This information may be used by other lenders when making decisions on your credit applications and credit agreements. If you require any additional information please visit www.centralcreditregister.ie where it aims to answer all consumer questions.
Cooling Off Period
If you fit the regulatory definition of a consumer you have the right to withdraw from an insurance policy, without penalty and without reason, once you exercise your right within 14 days of the policy start date. Your right of withdrawal may be exercised in writing to MMPI provided no claim or alteration has been made. Cooling-off restrictions may apply to certain insurance policies. Full details on your rights within the cooling-off period may be obtained from MMPI, on request.
Custody Arrangements & Documentation
It is our policy not to hold investment instruments, policy documentation, insurance certificates or other items of record in safekeeping for our clients.
It is acknowledged that, in the normal course of business, certain documentation (e.g. policy documents, contract notes, insurance certificates, etc.) may be received by us and held on file, for you, pending completion of the underlying transaction(s). On completion of such transaction(s), all documentation, which rightfully belongs to you, will, as a matter of course, be forwarded to you without delay.
All insurance policy documentation should be read thoroughly by you to ensure that the cover arranged is in accordance with your insurance requirements. It is of vital importance that this documentation is retained safely as such documentation forms the basis of any contract between the insurance company and the insured.
A summary of insurance covers may be supplied to you by MMPI. These summaries are not intended to be a definitive interpretation of the policy cover, terms and condition, reference should be made to the policy documentation issued by the insurance company.
Anti-Money Laundering
Under the terms of the Criminal Justice (Money Laundering and Terrorism Financing) Act, 2010 (as amended) you will be required to provide us with specific identification, which we may request from you. If you do not provide the information we require, we may not be in a position to provide insurance services to you.
Personal Information
We fully respect your right to privacy, and any personal information relating to you will be treated in accordance with the Data Protection Acts 1988 & 2003 (and any amending or substituting legislation) as well as our own principles regarding client confidentiality. We use your personal information only for the purpose for which you provide it. In certain circumstances, we may be obliged to disclose personal information relating to you to third parties without notice to you, for example, in order to conform to a legal or regulatory requirement; to comply with a legal process; to carry out our duties under this Agreement; or to assert, protect or defend our rights of property or your rights. Product-service providers are required by law to provide details of the beneficial ownership of shares held in any nominee service to public companies on request. Other than as provided above, we will not put your personal data to any use other than that for which it was provided, without your prior written consent.
If you decide at any time that you no longer wish us to hold or use personal information relating to you, or if the information we hold is or becomes inaccurate, please notify us in writing, and we will, subject to our regulatory obligations, remove or rectify the information within a reasonable time. You are also entitled to access information which we hold relating to you and can do so by applying to us in writing. We reserve the right to charge a reasonable administration fee (not to exceed €6.35) for each access request. We are entitled to take reasonable steps to establish your identity in relation to any amendment, access or deletion request and we may, at our absolute discretion, require proof of identity or other documents. All data will be retained for no longer than necessary for the purpose for which it is provided and as required to satisfy regulatory requirements. We retain client transaction records for a period of at least six years.
Other Important Matters
If we decide not to enforce any of our rights, it will not mean we cannot enforce them in the future. The rights in these terms of business apply as well as any rights we have in law. If any of these terms are not valid or cannot be enforced it will not affect the rest of the terms; and the rest of the terms will apply as if the invalid or unenforceable terms had not been included.
This service and these terms will be governed by the laws of Ireland.
If we make a material change to these terms of business we will put the updated version on our website www.mmpi.ie and provide you with a copy as soon as possible.
Data Consent
I/we authorise MMPI General Insurance Services Limited to hold my/our personal data on file, to contact me/us in writing, by telephone, including SMS, or by email in respect of financial services and insurance matters, and to obtain any information in respect of my/our existing insurance policies, investments, deposits, mortgages, loans, etc. from data processors, product or investment providers where I/we maintain products; policies and/or holdings.
I/we would like to sign up to receive regular Marketing updates from MMPI General Insurance Services Limited.
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As a general insurance brokerage we can provide insurance solutions for your business needs. Please sign below if you would like us to provide a quote for your commercial insurance requirements.
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Acceptance
I/We acknowledge receipt of and accept MMPI General Insurance Services Limited’s Terms of Business. I/we confirm my/our agreement to MMPI General Insurance Services Limited acting as my/our Financial Adviser.
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Revised version effective: 27 June 2019
