REMUNERATION AND FEES
Pursuant to provision 4.58A of the Central Bank of Ireland’s September 2019 Addendum to the Consumer Protection Code, all intermediaries, must make available in their public offices, or on their website if they have one, a summary of the details of all arrangements for any fee, commission, other reward or remuneration provided to the intermediary which it has agreed with its product producers.
Jade Insurance Management DAC is remunerated by a professional service fee for the initial work, activity and time spent in the seeking and arrangement of the best terms, advice, product and Insurer for your specific needs. A professional service fee is also charged for the activity involved in the renewal of the policy, any alterations that take place during and at termination of a policy. A scale of our Standard Professional Service Fees is available at www.jadeinsurance.ie and noted below.
What is Remuneration?
Remuneration is the payment earned by the intermediary for work undertaken on behalf of both the provider and the consumer. The amount of remuneration is generally directly related to the value of the products sold.
What is Commission?
Commission is payment that may be earned by an intermediary for work undertaken for both provider and consumer. There are different types of remuneration and different commission models: We operate a single commission model, which is where payment is made to the intermediary shortly after the sale is completed and is based on a percentage of the premium paid/amount invested.
General Insurance Products
General insurance products, such as motor, home, business, retail, or liability insurance are typically subject to a single commission model, based on the amount of premium charged for the insurance product.
Profit Share Arrangements
In some cases, the intermediary may be a party to a profit-share arrangement with a product provider and will earn additional commission. Any business arranged with these product providers on a client’s behalf will be placed with the product provider because that product provider is at the time of placement, the most suitable to meet the client’s requirements, taking all the client’s relevant information, demands and needs into account.
Clawback:
Clawback is an obligation on the intermediary to repay unearned commission. Commission can be paid directly after a contract is concluded but is not deemed to be ‘earned’ until after a specified period of time. If the consumer cancels or withdraws from the financial product within the specified time, the intermediary must return commission to the product producer.
Fees
The firm may also be remunerated by the product producer in the form of a policy fee, administration fee, or in the case of investment firms, advisory fees. Please click here for link to our schedule of fees and charges.
Commission received from product providers will vary depending on several factors including the risk presented, the product selected, the transaction being performed, and the product provider selected. The commission rates Jade Insurance Management DAC receive from product providers can be accessed by clicking on the link below and these figures reflect the maximum amount which can be earned for each category of business.
PROFESSIONAL SERVICE FEES
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TYPE |
SETUP / RENEWAL |
ALTERATION / DUPLICATE DOCUMENTS |
| Personal Lines Policies |
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| Commercial Lines Policies |
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| Financial Services |
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