BMIB Ltd trading as Brian Mullins Insurance Brokers
These terms of Business set out the general terms under which our firm will provide business services to you and the respective duties and responsibilities of both the firm and you in relation to such services. Please ensure that you read these terms thoroughly and if you have any queries we will be happy to clarify them. If any material changes are made to these terms we will notify you.
Authorisation with the Central Bank of Ireland
BMIB Ltd (Central Bank Reference Number C46536) trading as Brian Mullins Insurance Brokers are regulated by the Central Bank of Ireland as an insurance intermediary registered under the European Communities (Insurance Mediation) Regulations, 2005; as an Investment Intermediary authorised under the Investment intermediaries Act, 1995. Copies of our regulatory authorisations are available on request. The Central Bank of Ireland holds registers of regulated firms. You may contact the Central Bank of Ireland on 1890 777 777 or alternatively visit their website at www.centralbank.ie to verify our credentials.
Codes of Conduct
BMIB Ltd is subject to the Consumer Protection Code, Minimum Competency Code and Fitness & Probity Standards which offer protection to consumers. These codes can be found on the Central Bank’s website www.centralbank.ie
BMIB Ltd is a member of Brokers Ireland.
Our principal business is to provide advice and arrange transactions on behalf of clients in relation to General Insurance. A full list of insurers and product producers with which we deal is available on request.
Whilst we seek to place insurance contracts with undertakings which are financially secure we cannot guarantee the solvency or continued solvency of any insurance undertaking used. Clients should be aware that the financial position of an insurance of an insurance undertaking can change after cover has been incepted. For the purposes of this document insurance contracts shall mean all non-life, life, pensions, investments and deposits.
The concept of fair analysis is derived from the Insurance Mediation Directive. It describes the extent of the choice of products and providers offered by an intermediary within a particular category of life assurance, general insurance and/or a specialist area. The number of contracts and providers considered must be sufficiently large to enable an intermediary to recommend a product that would be adequate to meet a client’s needs.
The number of providers that constitutes ‘sufficiently large’ will vary depending on the number of providers operating in the market for a particular product or service and their relative importance in and share of that market. The extent of fair analysis must be such that could be reasonable expected of a professional conducting business, taking into account the accessibility of information and product placement to intermediaries and the cost of the search.
In order to ensure that the number of contracts and providers is sufficiently large to constitute fair analysis of the market, we will consider the following criteria:
• The needs of the customer,
• The size of the customer order,
• The number of providers in the market that deal with brokers
• The market share of each of those providers,
• The number of relevant products available from each provider,
• The availability of information about the products,
• The quality of the product and service provided by the provider,
• Cost, and
• Any other relevant consideration.
BMIB Ltd can provide advice on and arrange products for a wide range of Business and Personal insurances. BMIB Ltd provides general insurance on a fair analysis basis i.e. providing services on the basis of a sufficiently large number of contracts and product producers available on the market to enable the firm to make a recommendation, in accordance with professional criteria, regarding which contract would be adequate to meet your needs.
We will also offer assistance to you in relation to processing claims on policies taken out with us and in seeking renewal terms on your cover.
Disclosure of Information
Please note it is essential to make full disclosure of relevant facts to our office so that we can ensure your policy is arranged correctly. Relevant facts include but are not limited to:
• Medical details and/or history
• Previous insurance claims made by you.
• Criminal convictions of any nature
• Cancellation of previous insurance contracts for whatever reason
• Other matters which an otherwise prudent insurer should be made aware
If you are in doubt as to whether a matter is relevant or not please disclose it and we can advise further. Any failure to disclose relevant and/or material information may invalidate your claim and render your policy void.
Money Laundering (Criminal Justice Act 1994)
The Company are required to comply with legislation in respect of money laundering and are therefore required to seek information from all new clients to comply with the provisions of this legislation.
Remuneration and Charges for All Classes of Business
BMIB Ltd is remunerated by commission and other payments from product producers on the completion of business. You may choose to pay in full for our services by means of a fee.
Where we receive recurring commission, this forms part of the remuneration for the initial advice provided. We reserve the right to charge additional fees if the number of hours relating to on-going advice /assistance exceeds two hours.
In certain circumstances, it will be necessary to charge a fee for services provided. These are listed below. In other circumstances where fees are chargeable or where you choose to pay in full for our service by fee, we will notify you in writing in advance and agree the scale of fees to be charges if different from fees outlined below.
If we receive commission from a product provider, this may be offset against the fee which we will charge you. Where the commission is greater than the fee due, the commission may become the amount payable to the firm unless an arrangement to the contrary is made.
BMIB Ltd may be in receipt of soft, override or incentive commissions from some insurance undertakings. We will always place our clients needs at the forefront of any proposal. The payment of soft commissions depends on a number of conditions including such things as streamlined work transfers and prompt payment of accounts. All soft commissions will be disclosed upon request.
You may elect to deal with us on a fee basis and below are typical fee rates:
Directors €300 per hour
Senior Advisors €200 per hour
Support Staff €100 per hour
Additional fees may be payable for complex cases or to reflect value, specialist skills or urgency and we will notify you in advance and agree the scale of fees to be charged.
The following is our Charging structure:
Service Minimum Fee Maximum Fee**
Private Motor New and Renewal €40 € 100%
Household New and Renewal €40 € 100%
Commercial Motor New and Renewal €40 € 100%
All other personal Lines products New and Renewal €40 € 100%
Commercial Insurance New and Renewal €40 € 100%
Private Motor mid term adjustment €40 € 100%
Household midterm adjustment €40 € 100%
Commercial motor mid term adjustment €40 € 100%
All other personal lines mid term adjustment €40 € 100%
Commercial Insurance mid term adjustment €40 € 100%
Duplicate Documentation €20 €20
**Where fees above are expressed as a % this will be a % of the premium charged by insurers
It is in your best interests that you review on a regular basis, the products which we have arranged for you. As your circumstances change, your needs will change. You must advise us of those changes and request a review of the relevant policy so that we can ensure that you are provided with up to date advice and products best suited to your needs. Failure to contact us in relation to changes in your circumstances or failure to request a review, may result in you having insufficient insurance cover.
Conflicts of Interest
It is the policy of our firm to avoid conflicts of interest in providing services to our clients. However, where an unavoidable conflict of interest arises we will advise you of this in writing before providing you with any business service to you.
Payment and Default on payments by clients
BMIB Ltd can accept payment by Electronic Transfer, Cheque, Postal Order, Debit Card and/or Cash in respect of all classes of insurance in the circumstances permitted under Section 25G of the Investment Intermediaries Act 1995. BMIB Ltd is not authorised to accept cash or negotiable instruments in any other circumstances.
Under Central Bank regulations BMIB Ltd is precluded from paying a premium to an insurer which has not been paid to BMIB Ltd. Insurers are entitled to cancel all cover if they are not in receipt of full premium before the renewal date or inception of a new policy.
Our firm will exercise its legal rights to receive payments due to it from clients (fees and insurance premiums) for services provided. In particular, without limitation of the generality of the foregoing, the firm will seek reimbursement for all payments made to insurers on behalf of clients where the firm has acted in good faith in renewing a policy of insurance for the client.
Product producers may withdraw benefits or cover in the event of default on payments due under policies of insurance or other products arranged for you. We would refer you to policy documents or product terms for the details of such provisions.
In accordance with the Consumer Protection Code any rebate due to a consumer will be paid in full and without deductions of charges unless we have your written consent.
Where a premium rebate is due to you and is under €10 we will offer you the choice of:
a) Receiving the premium rebate
b) Receiving a reduction in your renewal premium due to BMIB ltd
c) BMIB Ltd donating the rebate due to a registered charity.
Whilst we are happy to receive verbal complaints, it would be preferable that any complaints are made, in writing. We will acknowledge your complaint within 5 business days and we will fully investigate it. We shall investigate the complaint as swiftly as possible, and, the complainant will receive an update on the complaint at intervals of not greater than 20 business days starting from the date on which the complaint is made. On completion of our investigation, we will provide you with a written report of the outcome. In the event that you are dissatisfied with our handling of or response to your complaint, you are entitled to refer the matter to the Financial Services Ombudsman (FSPO). A full copy of our complaints procedure is available on request.
BMIB Ltd complies with the requirements of the General Data Protection Regulation 2018 and Irish Data Protection Act 2018.
BMIB Ltd is committed to protecting and respecting your privacy. We wish to be transparent on how we process your data and show you that we are accountable with the GDPR in relation to not only processing your data but ensuring you understand your rights as a client.
The data will be processed only in ways compatible with the purpose for which it was given and as outlines in our Data Privacy Notice.
We will ensure that this Privacy Notice is easily accessible. Please refer to our website www.bmib.ie to view a copy. If this medium is not suitable we will ensure you can easily receive by hard copy.
Please contact us at email@example.com if you have any concerns about your personal data.
BMIB Ltd seeks to place and service your business in the most efficient manner which increasingly is by means if electronic trading. Indeed, some insurers now insist on information being submitted to them in this manner. Therefore, where we consider it appropriate we will exchange your data with you, insurance undertakings and other parties connected with your insurance policy, using email and other electronic means.
We are members of the Investors Compensation Scheme operated by the Investor Compensation Company Ltd (see below for details)
Investor Compensation Scheme
The Investor Compensation Act, 1998 provides for the establishment of a compensation scheme and the payment, in certain circumstances, of compensation to certain clients (known as eligible investors) of authorised investment firms, as defined in that Act. The Investor Compensation Company Ltd (ICCL) was established under the 198 Act to operate such a compensation scheme and our firm is a member of this scheme. Compensation may be payable where money or investment instruments owed or belonging to clients and held, administered or managed by the firm cannot be returned to those clients for the time being and where there is no reasonably foreseeable opportunity of the firm being able to do so.
A right to compensation will arise only:
• If the client is an eligible investor as defined in the Act; and
• If it transpires that the firm is not in a position to return client money or investment instruments owned or belonging to the clients or the firm; and
• To the extent that the client’s loss is recognised for the purpose of the Act.
Where an entitlement to compensation is established, the compensation payable will be the lesser of:
• 90% of the amount of the client’s loss which is recognised for the purposes of the Investor Compensation Act, 1998; or
• Compensation of up to €20,000
For further information, contact the Investor Compensation Company Ltd. At (01) 224 4955.
Brokers Ireland Compensation Fund
We are also members of the Brokers Ireland Compensation Fund. Subject to the rules of the scheme the liabilities of its members firms up to a maximum of €100,000 per client (or €250,000 in aggregate) may be discharged by the fund on its behalf if a member firm is unable to do so, where the above detailed Investor Compensation Scheme has failed to adequately compensate any client of the member. Further details are available on request.