MBC INSURANCE: Terms & Conditions

Client Protection:

• McAuliffe Barry & Collins Ltd. T/AMBC Insurance is Regulated by the Financial Regulator as an Authorised Advisor.and a Credit Intermediary by the Director of Consumer Affairs in accordance with the provisions of the Consumer Credit Act, 1995.

• MBC Insurance is free to place business with all the leading Insurers. We are not tied to any institution that might compromise our ability to offer impartial or independent advice or which might impinge upon our ability to place business at the best terms and conditions on offer.

• MBC Insurance are also members of the Irish Brokers Association(IBA).

• MBC Insurance are members of the Investor Compensation Company Ltd. Scheme (ICCL) which was established under the Investor Compensation Act of 1998. This Act allows for the payment in certain circumstances of monies or investments held by this company on your behalf that cannot be returned either for the time being or in the foreseeable future and where the client falls within the definition of an eligible investor within the meaning of the Act. In a case where a right to compensation is established under the Act the amount recoverable will be limited to E20,000 or 90% of the agreed loss whichever is the lesser amount.

• MBC Insurance holds professional Indemnity Insurance up to a limit of E2,600.000 in Aggregate.

Services:

• MBC Insurance provides a full range of non-life Insurance advice to the corporate and personal sectors including the placing of insurance contracts and related claims handling and risk management services.We will also arrange credit facilities for clients.

Remuneration Policy:

We will normally be remunerated for arranging the Insurance in the form of commission or brokerage paid to us by the Insurers under-writing the insurance. We may in addition charge a fee and, should we do so, we will advise you of this in writing prior to you incurring liability for it.

Credit Intermediary:

• MBC is in receipt of commission from GE Money, Premium Credit Ltd. & C.P.F.I. Ltd. for facilities arranged.

• MBC Insurance do not charge for handling any claim for which cover is provided by a policy of Insurance.

Receipts:

• MBC Insurance will issue a receipt for all payments received in accordance with section 30 of the Investment Intermediaries Act 1995. These receipts are issued for our clients protection and should beheld safely by the client.

Handling Clients Money:

• MBC Insurance accepts payments by cash, cheque and major credit cards in respect of all classes of insurance contracts in circumstances as set out under section 25G of the Investments Intermediaries Act 1995.

• MBC Insurance cannot accept cash or negotiable Instruments in any other circumstances.

Credit Terms:

• MBC Insurance are obliged as Authorised Advisors to operate a policy of strict credit control and premiums must therefore be paid in full on or before the renewal/inception/alteration date of the cover.

Credit Policy:

• We regret that credit cannot be extended to clients in respect of Premiums, initial renewal or additional. Initial or First Premiums must be paid at inception of cover, and renewal premiums before the policy renewal date. Otherwise the company will advise the Insurance undertaking or product producer involved and cover will be cancelled.Your individual policy document will contain details of default remedies and actions of the particular insurance undertaking in the event of your non-payment. On receiving your policy document you should read the terms and conditions of your policy in detail.

• In order to protect the interests of their clients MBC Insurance are prevented by these regulations from paying any premiums to Insurers,which have not been paid to MBC Insurance.

• MBC Insurance can arrange suitable Premium Financing with an approved institution subject to terms and conditions.

Conflict of Interest:

• It is the policy of MBC Insurance to avoid 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 service. If you have not been advised of any such conflict you may assume that none arises.

Documentation:

• MBC Insurance will issue all relevant Insurers documents to its clients. These should be read to ensure that they are in accordance with the insurance requirements.

• It is also of vital importance that these documents be retained in a safe place as these documents are the basis of the contract between the Insured and the Insurer.

• MBC Insurance will issue summaries of covers for the benefit of their clients. These summaries are not intended to be a definitive interpretation of the policy cover terms and conditions.

• For the full details of the cover terms and conditions please refer to the policy documents.

Money Laundering:- (Criminal Justice Act 1994)

• MBC Insurance are required to comply with the 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.

Written appointment from Product Producers:

• MBC Insurance hold letters of appointment from all of the main Insurers.

Complaints Procedures:

• We will acknowledge each complaint received in writing within 5 business days of the complaint being received.

• We will provide the complainant with the name of the Complaints Officer as the main point of contact in respect of their complaint until their complaint is resolved or cannot be processed any further.

• We will provide the complainant with a regular written update on the progress of the investigation of the complaint at intervals of not greater than 20 business days.

• We will attempt to investigate and resolve the complaint within 40 business days of having received the complaint. When the 40 days has lapsed, if the complaint is not resolved, we will inform the complainant of the anticipated timeframe within which we hope resolve the complaint. At this point we will inform the complainant of their right to refer the matter to the Financial Services Ombudsman’s Bureau www.financialombudsman.ie.

• Where we resolve the complaint, we will advise the complainant in writing, within 5 business days of the completion of the investigation of the complaint, the outcome of the investigation and where applicable explain the terms of any offer or settlement being made. We will also inform the complainant of their right to refer the matter to the Financial Services Ombudsman’s Bureau.

• We will maintain an up to date record of all complaints including all relevant correspondence, records and any action taken.

Financial Services Ombudsman Bureau,3rd Floor, Lincoln House, Lincoln Place, Dublin 2.
Lo Call: 1890 88 20 90 - Tel.: 01 6620899 - Fax.: 01 6620890