Remuneration Summary
Patrick Lee trading as Lee Insurance Brokers act as Intermediary between you, the consumer, and the product provider with whom we place our business.
The Background
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.
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:
Single commission model: 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/amount borrowed.
Trail/Renewal commission model: Further payments at intervals are paid throughout the life span of the product.
Indemnity Commission
Indemnity commission is the term used to describe a commission payment made before the commission is deemed to be ‘earned’. Indemnity commission may be subject to a clawback (see below) if the consumer lapses or cancels the product before the commission is deemed to be earned.
General Insurance Products
General insurance products, such as motor, home, travel, health, retail or liability insurance, are typically subject to a single or standard commission model, based on the amount of premium charged for the insurance product.
Life Assurance/Investments/Pension Products
For Life Assurance products commission is divided into initial commission and renewal commission (related to premium), fund based or trail (relating to accumulated fund).
Trail commission, bullet commission, fund based, flat commission or renewal commission are all terms used for ongoing payments. Where an investment fund is being built up though an insurance-based investment product or a pension product, the increments may be based on a percentage of the value of the fund or the annual premium. For a single premium/lump sum product, the increment is generally based on the value of the fund.
Life Assurance products fall into either individual or group protection policies and Investment/Pension products would be either single or regular contribution policies. Examples of products include Life Protection, Regular Premium Life Assurance Investments, Single Premium (lump sum) Insurance-based Investments, and Single Premium Pensions.
Investments
Investment firms, which fall within the scope of the European Communities (Markets in Financial Instruments) Regulations 2007 (the MiFID Regulations), offer both standard commission and commission models involving initial and trail commission. Increments may be based on a percentage of the investment management fees, or on the value of the fund.
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 fee by the product producer such as policy fee, admin fee, or in the case of investment firms, advisory fees. Our Fees -Motor - €30 - €50, Household - €20-€40, Shops/Offices - €50- €100, Property Owners/Commercial Combined or Liability €50 - €100 depending on the time spent, Motor Fleets 5% of the premium - Larger Commercial Risk – fees would be discussed prior to arranging cover – 5% -10% of the premium, usually, pending on the time spent. Rebates/ Cancellation/ mid-term adjustments: minimum €20 charge become the amount payable to the firm unless an arrangement to the contrary is made.
Direct Debit Administration: An Administration charge of €20 for the setup of DD payments. Some Insurance Companies may collect our administration charge on our behalf for DD policies.
Other Fees, Administrative Costs/ Non-Monetary Benefits
The firm may also be in receipt of other fees, administrative costs, or non-monetary benefits such as:
General Insurance Providers
The Background
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.
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:
Single commission model: 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/amount borrowed.
Trail/Renewal commission model: Further payments at intervals are paid throughout the life span of the product.
Indemnity Commission
Indemnity commission is the term used to describe a commission payment made before the commission is deemed to be ‘earned’. Indemnity commission may be subject to a clawback (see below) if the consumer lapses or cancels the product before the commission is deemed to be earned.
General Insurance Products
General insurance products, such as motor, home, travel, health, retail or liability insurance, are typically subject to a single or standard commission model, based on the amount of premium charged for the insurance product.
Life Assurance/Investments/Pension Products
For Life Assurance products commission is divided into initial commission and renewal commission (related to premium), fund based or trail (relating to accumulated fund).
Trail commission, bullet commission, fund based, flat commission or renewal commission are all terms used for ongoing payments. Where an investment fund is being built up though an insurance-based investment product or a pension product, the increments may be based on a percentage of the value of the fund or the annual premium. For a single premium/lump sum product, the increment is generally based on the value of the fund.
Life Assurance products fall into either individual or group protection policies and Investment/Pension products would be either single or regular contribution policies. Examples of products include Life Protection, Regular Premium Life Assurance Investments, Single Premium (lump sum) Insurance-based Investments, and Single Premium Pensions.
Investments
Investment firms, which fall within the scope of the European Communities (Markets in Financial Instruments) Regulations 2007 (the MiFID Regulations), offer both standard commission and commission models involving initial and trail commission. Increments may be based on a percentage of the investment management fees, or on the value of the fund.
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 fee by the product producer such as policy fee, admin fee, or in the case of investment firms, advisory fees. Our Fees -Motor - €30 - €50, Household - €20-€40, Shops/Offices - €50- €100, Property Owners/Commercial Combined or Liability €50 - €100 depending on the time spent, Motor Fleets 5% of the premium - Larger Commercial Risk – fees would be discussed prior to arranging cover – 5% -10% of the premium, usually, pending on the time spent. Rebates/ Cancellation/ mid-term adjustments: minimum €20 charge become the amount payable to the firm unless an arrangement to the contrary is made.
Direct Debit Administration: An Administration charge of €20 for the setup of DD payments. Some Insurance Companies may collect our administration charge on our behalf for DD policies.
Other Fees, Administrative Costs/ Non-Monetary Benefits
The firm may also be in receipt of other fees, administrative costs, or non-monetary benefits such as:
- Attendance at product provider seminars and other training events on the benefits and features of products or services we provide to consumers.
- Hospitality of a reasonable de minimis value, such as food and drink during a business meeting or a conference, seminar or other training events
General Insurance Providers
ALLIANZ Plc ( Initial and renewal COMMISSION )
ombined Home Insurance 15%
Cargo Goods 18.775%
Computer 15%
Engineering Plant 15%
Hull Damage/Liability 15%
Personal Lines Household 15%
Holiday Home ROI 15%
Combined Liability EL 6%
Combined Liability PL 10%
Combined Liability MML 5%
Combined Liability CAR 15%
Combined Liability PRL 10%
Landlord House Insurance 15%
Motor Own Goods 5%
Broker Motor Product ROI 5%
Combined Property 15%
Combined Risks 15%
Motor Small Fleet 5%
Business Policy 15%
Property Owners Liability 15%
Social Public Liability 10%
Cargo Goods 18.775%
Computer 15%
Engineering Plant 15%
Hull Damage/Liability 15%
Personal Lines Household 15%
Holiday Home ROI 15%
Combined Liability EL 6%
Combined Liability PL 10%
Combined Liability MML 5%
Combined Liability CAR 15%
Combined Liability PRL 10%
Landlord House Insurance 15%
Motor Own Goods 5%
Broker Motor Product ROI 5%
Combined Property 15%
Combined Risks 15%
Motor Small Fleet 5%
Business Policy 15%
Property Owners Liability 15%
Social Public Liability 10%
AON INSURANCE (WHOLESALE MARKETS) ( INITIAL AND RENEWAL COMMISSION )
Chubb Excess Liability 10%
Chubb Motor 5%
Chubb Masterpiece Policy 12%
Hiscox Cyber Policy 10%
Hiscox Professional Indemnity Policy 10%
Hiscox Household Policy 12%
XL Services Combined Package 10%
XL Services Professional Indemnity 10%
XL Services Construction Liability 10%
Zurich Professional Indemnity 10%
Chubb Motor 5%
Chubb Masterpiece Policy 12%
Hiscox Cyber Policy 10%
Hiscox Professional Indemnity Policy 10%
Hiscox Household Policy 12%
XL Services Combined Package 10%
XL Services Professional Indemnity 10%
XL Services Construction Liability 10%
Zurich Professional Indemnity 10%
Aviva (Initial and renewal commission)
Agri Business 15%
Commercial Motor 7.5%
Contract Works 15%
Engineering Insurance 15%
Engineering Insurance Mixed
Home 17.5%
Marine – Goods In Transit 18.775%
Marine – Pleasure Boat Policy 15%
Packages – Office 16%
Packages – Shop 16%
Private Motor 7.5%
Commercial Trademark 15%
Commercial Motor 7.5%
Contract Works 15%
Engineering Insurance 15%
Engineering Insurance Mixed
Home 17.5%
Marine – Goods In Transit 18.775%
Marine – Pleasure Boat Policy 15%
Packages – Office 16%
Packages – Shop 16%
Private Motor 7.5%
Commercial Trademark 15%
AXA Broker (Initial and renewal commission)
Private Motor 5%
Commercial Motor 5%
Motor Fleet 5%
Home Insurance 15%
Combined Liability 15%
Small Business 17.5%
Commercial Combined 20%
Commercial Motor 5%
Motor Fleet 5%
Home Insurance 15%
Combined Liability 15%
Small Business 17.5%
Commercial Combined 20%
ARB UNDERWRITERS LTD (iNITIAL AND RENEWAL COMMISSION)
Private Motor 5%
Commercial Motor 5%
Commercial Combined 15%
EL/PL Combined 10%
Public Liability 10%
ProfessionaL Indemnity 20%
Commercial Motor 5%
Commercial Combined 15%
EL/PL Combined 10%
Public Liability 10%
ProfessionaL Indemnity 20%
BENCHMARK UNDERWRITERS LTD (iNITIAL AND RENEWAL COMMISSION)
Household 15%
Property Owners 15%
Office 15%
Shop 15%
Property Owners 15%
Office 15%
Shop 15%
CAPITAL INSURANCE MARKETS (iNITIAL AND RENEWAL COMMISSION)
Personal Lines
Zurich Apartment Owner Policy 15%
Zurich Apartment Renter 15%
Zurich Holiday Home Policy 15%
Zurich Owner Occupied Policy 15%
Zurich Residential Let Policy 15%
Zurich Holiday Home basic policy 10%
AXA Holiday Home Policy 10%
Lloyds Homeworker Policy 15%
Lloyds Mobile Home 15%
Lloyds Non Standard construction 10%
Lloyds Mid Net Worth 15%
Zurich Owner Occupied 15%
Zurich Residential Let 15%
Lloyds Touring Caravan 10%
Lloyds Unoccupied PDH 10%
RSA - Light Commercial Vehicle 6%
Commercial Lines
Construction RSA Liability 10%
Construction HDI Liability 10%
Construction Allianz Liability 10%
Contractors All Risks Policy Munich Re Risks Solutions Ireland - 13%
Electrical – Aviva Liability 10%
Professional Indemnity – HDI 10%
Professional Indemnity – Lloyds 10%
Property Owners -Canopius 15%
Property Owners – Brit 15%
Property Owners – Ergo 15%
Property Owners – HDI 15%
Security – Liability – Hiscox 10%
Cleaning – Liability – Hiscox 10%
Recruitment – Liability – Hiscox 10%
Oil Distributors – Liability – Travelers 8%
Zurich Apartment Owner Policy 15%
Zurich Apartment Renter 15%
Zurich Holiday Home Policy 15%
Zurich Owner Occupied Policy 15%
Zurich Residential Let Policy 15%
Zurich Holiday Home basic policy 10%
AXA Holiday Home Policy 10%
Lloyds Homeworker Policy 15%
Lloyds Mobile Home 15%
Lloyds Non Standard construction 10%
Lloyds Mid Net Worth 15%
Zurich Owner Occupied 15%
Zurich Residential Let 15%
Lloyds Touring Caravan 10%
Lloyds Unoccupied PDH 10%
RSA - Light Commercial Vehicle 6%
Commercial Lines
Construction RSA Liability 10%
Construction HDI Liability 10%
Construction Allianz Liability 10%
Contractors All Risks Policy Munich Re Risks Solutions Ireland - 13%
Electrical – Aviva Liability 10%
Professional Indemnity – HDI 10%
Professional Indemnity – Lloyds 10%
Property Owners -Canopius 15%
Property Owners – Brit 15%
Property Owners – Ergo 15%
Property Owners – HDI 15%
Security – Liability – Hiscox 10%
Cleaning – Liability – Hiscox 10%
Recruitment – Liability – Hiscox 10%
Oil Distributors – Liability – Travelers 8%
Dolmen Insurance (iNITIAL AND RENEWAL COMMISSION)
Flex Home Policy 10%
Premier Home Policy 10%
Homeworks Policy 12.5%
Unoccupied (via Relay & Direct) 12.5%
Land Liability 10%
Property Owners 15%
Contractors All Risks 12.5%
Directors and Officers 20%
Event Insurance 10%
Dolmen (sum insured) Home 15%
Dolmen (sum Insured) Residential 15%
Professional Indemnity 10%
Premier Home Policy 10%
Homeworks Policy 12.5%
Unoccupied (via Relay & Direct) 12.5%
Land Liability 10%
Property Owners 15%
Contractors All Risks 12.5%
Directors and Officers 20%
Event Insurance 10%
Dolmen (sum insured) Home 15%
Dolmen (sum Insured) Residential 15%
Professional Indemnity 10%
HOOPER DOLAN INSURANCE BROKERS (iNITIAL AND RENEWAL COMMISSION)
Office Combined 10%
Combined Tradesman Liability 10%
Public Liability 10%
Property Owners Risks 10%
Commercial Combined (Leisure, retail, manufacturing) 10%
Professional Indemnity 10%
Unoccupied Risks 10%
BSS Holiday Home Scheme 10%
BSS Landlord Rental Scheme 10%
Contractors All RIsks Scheme 10%
Directors and Officers 10%
Apartment Block 10%
Cyber Liability 10%
Combined Tradesman Liability 10%
Public Liability 10%
Property Owners Risks 10%
Commercial Combined (Leisure, retail, manufacturing) 10%
Professional Indemnity 10%
Unoccupied Risks 10%
BSS Holiday Home Scheme 10%
BSS Landlord Rental Scheme 10%
Contractors All RIsks Scheme 10%
Directors and Officers 10%
Apartment Block 10%
Cyber Liability 10%
KENNCO UNDERWRITERS LTD (iNITIAL AND RENEWAL COMMISSION)
Motor car/van 5%
Household 15%
Commercial 15%
Motor Trade 5%
Garage Combined 15%
Professional Indemnity 15%
Cyber 12.5%
Medical Malpractice 10%
Travel 20%
Household 15%
Commercial 15%
Motor Trade 5%
Garage Combined 15%
Professional Indemnity 15%
Cyber 12.5%
Medical Malpractice 10%
Travel 20%
Optis Insurance (iNITIAL AND RENEWAL COMMISSION)
Combined Liability 15%
Commercial Combined 15%
Property Owners 17.5%
Shop/Retail 15%
Professional Indemnity 20%
Self Build 15%
Carriers Liability 12.5%
Office 15%
Goods In Transit 12.5%
B&B/Guesthouse 15%
Contractors All Risks 15%
Personal Accident 15%
Commercial Combined 15%
Property Owners 17.5%
Shop/Retail 15%
Professional Indemnity 20%
Self Build 15%
Carriers Liability 12.5%
Office 15%
Goods In Transit 12.5%
B&B/Guesthouse 15%
Contractors All Risks 15%
Personal Accident 15%
PRESTIGE UNDERWRITING LTD (INITIAL AND RENEWAL COMMISSION)
Amtrust Property 14%
Corin Commercial 15%
Prestige Homesafe 15%
Prestige Ireland Motor Trade 10%
Prestige Ireland Non Standard CV 8%
Prestige Ireland Non Standard Private Car 8%
Prestige Ireland Non Standard Private Car EDI 5%
Corin Commercial 15%
Prestige Homesafe 15%
Prestige Ireland Motor Trade 10%
Prestige Ireland Non Standard CV 8%
Prestige Ireland Non Standard Private Car 8%
Prestige Ireland Non Standard Private Car EDI 5%
RSA (INITIAL AND RENEWAL COMMISSION)
Apartment 15%
Caravan/Mobile Home 15%
Commercial Inclusive 15%
Motor 5%
Contractors All Risks 15%
Bonds 15%
Engineering Inspection 15%
Engineering Plant 15%
Fire and Perils 15%
Goods In Transit 20%
Household 20%
Motor Trade Road Risk 5%
Marine 18.78%
Material Damage 15%
Motor 5%
Commercial Motor 5%
Fleet 5%
Office 17.5%
Property Owners 15%
Shop 15%
Public Liability 10%
Yacht 15%
Caravan/Mobile Home 15%
Commercial Inclusive 15%
Motor 5%
Contractors All Risks 15%
Bonds 15%
Engineering Inspection 15%
Engineering Plant 15%
Fire and Perils 15%
Goods In Transit 20%
Household 20%
Motor Trade Road Risk 5%
Marine 18.78%
Material Damage 15%
Motor 5%
Commercial Motor 5%
Fleet 5%
Office 17.5%
Property Owners 15%
Shop 15%
Public Liability 10%
Yacht 15%
Zurich PLC (INITIAL AND RENEWAL COMMISSION)
Apartments 15%
Combined 15%
Commercial Inclusive 15%
Computer 15%
Contractors All Risks 15%
Cyber 20%
Directors and Office 15%
Employers Liability 6%
Public Liability 10%
Engineering 15%
Fire and Perils 15%
Goods In Transit 15%
Household 15%
Motor Trade Road Risk 5%
Marine 17.5%
Material Damage 15%
Commercial Vehicle 5%
Motor EDI 6.50%
Fleet 5%
Office 15%
Professional Indemnity 20%
Property Owners 15%
Shop 15%
Surgery 15%
Travel 15%
Yacht 15%
Combined 15%
Commercial Inclusive 15%
Computer 15%
Contractors All Risks 15%
Cyber 20%
Directors and Office 15%
Employers Liability 6%
Public Liability 10%
Engineering 15%
Fire and Perils 15%
Goods In Transit 15%
Household 15%
Motor Trade Road Risk 5%
Marine 17.5%
Material Damage 15%
Commercial Vehicle 5%
Motor EDI 6.50%
Fleet 5%
Office 15%
Professional Indemnity 20%
Property Owners 15%
Shop 15%
Surgery 15%
Travel 15%
Yacht 15%
Life/Pensions/Investment Insurance Providers
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