TERMS OF BUSINESS

Frost Insurances Ltd
Co. registration Number 51830
3 The Crescent, Limerick
061-310566

These terms of business set out the basis on which Frost Insurances Ltd will provide business services to you as a client of the firm. They also contain details of our regulatory and statutory obligations and the respective duties of both the firm and you in relation to such services.

Frost Insurances Ltd t/a Frost Insurances, Frost Underwriting, U Quote, Strata is regulated by the Central Bank of Ireland. Our firm is also a member of the Irish Brokers Association.

Authorised Status

Our firm is registered in Ireland as an insurance/reinsurance intermediary under the European Communities (Insurance Mediation Regulations, 2005 (as amended). Copies of our various authorisations are available on request. Our Central Bank reference number is C4976.

Statutory Codes

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, Fitness & Probity Standards 2011.

Services Provided

Our firm provides advice on all non-life insurance products available in the market. 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 client’s consumer’s needs.

Remuneration Commission and Fees

Our firm is remunerated by commission ranging from 0% to 25% by Product Producers depending on the class of business and may charge a broker administration fee ranging from 0% to 50% also depending on the class of business and commission arrangements if any with Product Producers.

Return Premiums:

In the event of a cancellation or adjustment of a policy any return premium obtained from the Product Producer will be refunded to you the client within 5 working days of becoming due or being received by Frost Insurances Ltd.

Conflict of Interests

It is the policy of Frost Insurances Ltd to avoid any conflict of interest when providing business services to its clients. However, where an unavoidable conflict may arise we will advise you of this before proceeding to provide any business service. If you have not been advised of any such conflict you are entitled to assume that none arises.

Premium Handling

Frost Insurances Ltd will accept payments in cash, by cheque and by credit/debit card in respect of all classes of insurance in the circumstances permitted under Section 25G of the Investment Intermediaries Act, 1995. Frost Insurances Ltd is not authorised to accept cash or negotiable instruments in any other circumstances. A section 30 receipt is issued for all monies received

Direct debit facility may be available and a charge of up to and including 7.9% maybe applied by Frost Insurances Ltd

Premiums are due on / or before renewal / inception date. Under the Central Bank legislation very strict rules apply in the payment of premiums to Insurance companies. We will not be able to pay premiums to insurers which have not been received from clients. Therefore, to avoid policy cancellation, premiums must be paid strictly within the credit terms, if agreed, otherwise immediately prior to cover incepting.

Cancellation / Cooling Off-Period – if applicable

A consumer (as defined by SI No. 853 of 2004) has the right to withdraw from an insurance policy (as defined under SI No. 853 of 2004) within 14 days of the start date of the policy without penalty and without giving any reason – this is known as the Cooling Off period. The right of withdrawal may be exercised by notice in writing to Frost Insurances Ltd, quoting your policy number. Should this right be exercised the Insurance Company may charge a pro rata premium for the period you are on cover. If the cover is motor insurance the premium cannot be refunded until the Certificate of Insurance and Windscreen Disc have been received by Frost Insurances Ltd.

You, the customer can cancel your policy by notice in writing at any time. Provided that all reasonable charges pertaining to costs incurred by Frost Insurances Ltd have been paid and provided that no incident giving rise to a claim has occurred in the current period of insurance, you will be entitled to a proportionate return of the premium for the un-expired period of insurance unless the policy is on a minimum and deposit basis, and if this is the case, no return will be allowed on the policy and this will be noted on your policy schedule. If you cancel during the first year (outside of the Cooling Off period) short term rates apply, please see policy terms and conditions. In the case of cancellation of motor insurance you must return the Certificate of Insurance and Windscreen Disc to Frost Insurances Ltd. Insurance companies normally reserve the right to cancel policies at any time by giving appropriate notice to your last known address. Please refer to your policy terms and conditions.

Failure to pay or default

In the event that client fails to pay within credit terms agreed when cover is arranged, the Firm will advise the product producer involved. As some premiums are written on a minimum & deposit basis the product producer may request full payment involved and all cover will cease. On overdue debts recovery cost and interest of 02.5% per month may be levied.

Premium Warranty – premium paid to Insurers are per credit terms.

Complaints Procedure

The company has a written procedure in place for the effective consideration and handling of complaints. Any complaints should be addressed in writing to the Managing Director Frost Insurances Ltd. Each complaint will be acknowledged by us within 5 working days of receipt, updates will be advised in intervals of not more than 20 working days ,we will endeavour to resolve the complaint within 40 business days and findings will be furnished to you within 5 working days of completion of the investigation. In the event that you are not entirely satisfied with the firms handling of and response to your complaint, contact may be made with the Financial Services Ombudsman, 3rd Floor Lincoln House Lincoln Place, Dublin 2.

Investor Compensation

Investor Compensation Company Ltd (ICCL) Scheme

Frost Insurances Ltd is a member of the Investor Compensation Company Ltd (ICCL) Scheme established under the Investor Compensation Act, 1998. The legislation provided for the establishment of a compensation scheme and to the payment in certain circumstances, of compensation to certain clients of firms (known as eligible investors) covered by the Act. However, you should be aware that a right to compensation would only arise where client 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.

Irish Brokers Association (IBA) Compensation Fund Ltd

As a member of the Irish Brokers Association (IBA), Frost Insurances Ltd is also a member of the IBA Compensation Fund Ltd. Subject to the rules of the scheme the liabilities of its member firms up to a maximum of €100,000 per client (€250,000 in aggregate) may be discharged by the Fund on its behalf if the member firm is unable to do so, where the above detailed ICCL (established by law) has failed to adequately compensate any client of the member.

Data Protection

Frost Insurance Ltd is a Data Controller as defined in the Data Protection Act 1988 and 2003. We collect your personal details in order to provide the highest standard of service to you. We take great care with the information provided; taking steps to keep it secure and to ensure it is only used for legitimate purposes. To fulfil these objectives we may share information with other affiliated professionals. The information and other data provided to our office may be used to advise you of products and services we may offer from time to time.

You have the right at any time to request a copy of any ‘personal data ’within the meaning of the Data Protection Act 1988 (as amended or re-enacted from time to time) that our office holds about you and to have any inaccuracies in that information corrected.

27th April 2017