TERMS OF BUSINESS
Registered Address: The Courtyard, Lower Road, Shankill, Dublin 18
Company Registration No. 171537
DM Insurances Limited specialise in the provision of Life Assurance and General Insurance services to consumers.
DM Insurances Limited is authorised in Ireland to provide the investment instrument insurance policies under Section 10 of the Investments Intermediaries Act, 1995, as amended. Our firm is also registered as an insurance/reinsurance intermediary under the European Communities (Insurance Mediation) Regulations, 2005 (as amended). Our firm is also authorised as a mortgage intermediary authorised under the Consumer Credit Act, 1995, as amended. The Central Bank of Ireland holds registers of regulated firms. You may contact the Central Bank of Ireland on (01) 4104000 or alternatively visit their website on www.centralbank.ie to verify our credentials
DM Insurances Limited is regulated by the Central Bank of Ireland. Our Central Bank reference number is C1649.
Our firm is subject to the following Codes of conduct issued by the Central Bank of Ireland. These codes offer protection to our clients and all of the Codes can be found on the Central Bank’s website www.centralbank.ie
Consumer Protection Code 2012, Minimum Competency Code 2011, Prudential Handbook for Authorised Advisors and Restricted Intermediaries, Fitness & Probity Standards.
Our firm provides its non-life services to our clients on a fair analysis basis. “Fair analysis of the market” means that our firm provides its non-life services on the basis of a sufficiently large number of contracts and product producers available on the market to enable our firm to make a recommendation, in accordance with professional criteria, regarding which contract would be adequate to meet our clients consumer’s needs. When our firm provides life and mortgage services to clients we provide this service on a limited analysis basis meaning that our firm provides life services on the basis of a limited number of contracts and product producers available on the market.
We are authorised to provide advice and arrange business on your behalf in relation to mortgages and insurance policies. Insurance policies include mortgage protection, life and serious illness cover, pensions, permanent health insurance, savings plans and general insurance products such as household insurance, motor, commercial vehicle, travel, farm, shop, office, property owners, combined, liability, professional indemnity.
Conflict of interest:
It is the policy of DM Insurances Limited 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.
DM Insurances Limited has in place a written procedure for the handling of complaints. This procedure ensures that all complaints are recorded and acknowledged within 5 business days. All complaints are fully investigated and the complainant updated at intervals of not greater than 20 business days. We will attempt to investigate and resolve a compliant within 40 business days.
All complaints should be directed in writing to Complaints Officer, DM Insurances Limited. In the event that a client remains dissatisfied with the handling of and/or response to a complaint they may refer the matter to The Financial Services Ombudsman.
DM Insurances Limited is a member of the Investor Compensation Scheme established under the Investor Compensation Act 1998. 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.
DM Insurances Limited actions in the event of default by the client are:
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.
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.
DM Insurances Limited, in the case of life assurance where the firm is not in receipt of commission, may charge a service fee, agreed with clients, depending on complexity of the transaction, time spent and nature and extent of the transaction. Our fees are charged as follows:
Advisor fees: €200 per hour
Support Staff €150 per hour
All fees are agreed with the client in advance.
In certain circumstances, it may be necessary to charge a fee for services provided, depending on the complexity of the transaction and or product or service, the time spent sourcing a market, in such instances we will charge a fees which will be agreed in writing with the client in advance of the provision of service.
In all other instances we will charge a fee of not more than 100% of the premium value of the policy & all fees will be notified in advance of the placement of the policy.
Our firm receives remuneration from the product provider for the products we are recommending to our clients. Details of this remuneration is available on request.
In the event that part payment has been received in respect of a policy in which cover has been put in place & subsequently you the client decide to cancel the policy or are unable / unwilling to pay the balance of premium due to the insurer the policy will be cancelled by the insurer and we will notify you of this.
When such circumstances arise an administration fee of €250 will be deducted from the part payment received minus any amounts due to the insurers. Any excess amounts will be refunded to you the client. We will charge an administration of not more than €250 for any mid term policy adjustments depending on the complexity of the adjustment. In such instances we will charge a fee which will be agreed in writing with the client in advance of the provision of service. We charge a 2% of premium fee for Visa Credit and a flat €1 for Visa Debit card payments.
Effective date of Terms of business 22nd June 2016.