Terms and Conditions
TERMS OF BUSINESS
AOR INSURANCES (CAVAN) LTD.,
These terms of business set out the general terms under which our firm will provide insurance and investment business services to you and the respective duties and responsibilities of both the firm and you in relation to such services. Please ensure to read these terms thoroughly and if you have any queries, please contact the undersigned who will be happy to clarify matters. If any material changes are made to these terms we will notify you.
Contact: Terence Argue Telephone: 049 4331232/4331424
Firms Name and Contact Details:- AOR Insurances (Cavan) Ltd., Address: 98 Main Street, Cavan
Tel:- 049 4331232/4331424 Fax: 049 4361558 Email: info@aor.ie
AOR Insurances (Cavan) Ltd., is registered in the Companies Registration Office and our registered number is CRO 142371.
Regulatory Status with the Irish Financial Services Regulatory Authority
AOR Insurances (Cavan) Ltd., is regulated by the Irish Financial Services Regulatory Authority as a Multi Agency Investment Product Intermediary. A copy of Authorised Status is attached to this document. Our Financial Services number is 4151; you can verify our regulatory status by phoning the Financial Regulator on 1890 200 469 or alternatively visit their website at www.financialregulator.ie to verify our credentials
OUR SERVICES
AOR Insurances (Cavan Ltd., is a member of the Professional Insurance Brokers Association (PIBA). As a member of PIBA we must be in a position to place insurance with at least five insurers of the relevant form (life/non life) and therefore can generally give customers greater choice than agents and tied agents. Our principal business is to provide advice and arrange transactions on behalf of our clients in relation to general insurance products. We hold written appointments from the product producers set out in Appendix 1 to the document.
LIFE & PENSIONS
Life Assurance companies provide products such as Life Cover, serious illness cover, income protection, savings, investments and pensions. Depending on your individual circumstances, we may provide you with advice in relation to the nature of these products and which product may be suitable for your needs. You may, however, have particular areas of interest and, in this case, we will be happy to give more detailed advice in these areas. We can give you a choice of different life and pension products from the insurers listed in Appendix 1 and, on your instructions, we can receive and transmit orders for such products on your behalf to these insurers. With your agreement, we may review the policies you take out on a periodic basis to ensure you are kept informed as to their benefit and to check whether they are still suitable for your needs. We will also provide assistance to you for any queries you may have in relation to the policies or in the event of a claim during the lie of the policies.
NON LIFE
As a Multi-Agency Intermediary we can provide advice in relation to products for which we hold an agency, and can place business on your behalf with those product producers. AOR Insurances can provide advice on and arrange products from the following range: Household, Motor, Commercial, Public Liability, Employers Liability, and travel Insurance.
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.
COMMISSION AND CHARGES
AOR Insurance (Cavan) Ltd., is remunerated by commission and other payments from the completion of business with the product producers listed in Appendix 1. In certain circumstances, it will be necessary to charge a fee for services provided. These are listed below for non-life business. In other circumstances where fees are chargeable we will notify you in advance.
Non-Life Fees – Effective from November 2001
Brokerage Fee:- €25 to €40
Switch/alteration mid term: €20-€25
Mortgages
We are paid up to 1% of the loan for arranging mortgage finance. This commission is paid by the mortgage lender.
CONFLICT OF INTEREST
It is the policy of our Firm to avoid conflicts of interest in providing you with insurance and investment business services. If this is not possible, we will notify you as soon as practicable after we become aware of the conflict of interest and you may rest assured that you will be treated fairly where such a conflict is unavoidable.
DEFAULT ON PAYMENTS BY CLIENTS
We invoice our Clients for the premium plus any levies/taxes, which insurers are obliged to collect in respect of the Contract of Insurance.
Central Bank regulations preclude AOR Insurances (Cavan) Ltd., from paying insurers premiums which have not been paid to us. Insurers are entitled to cancel cover if premiums are not paid to them. It is therefore critical to the guaranteed continuance of your insurance cover that your premium is paid in full strictly in line with your credit terms. Some Insurers may include, as a term of the insurance, a settlement due date or, in some cases, a warranty under the terms of which the premium must be paid to them by certain date/dates. We inform our Clients of any such requirements and the relevant date/dates in good time to enable payment terms to be met. Failure to comply with the exact terms of a warranty may mean the Insurer's obligations under the policy will be automatically terminated.
COMPLIANTS
We ask you that you make any complaint against our firm relating to services provided by us in writing. We will acknowledge your complaint within 5 business days and we will fully investigate it. On completion of our investigation, we will provide you with a written report of the outcome. In the event that you are still dissatisfied with or handling of, or response to, your complaint, you are entitled to refer the matter to the Financial Services Ombudsman Bureau telephone number 01 6620899. A full copy of our complaints procedure is available on request.
DATA PROTECTION
AOR Insurances is a Data Controller and Data Processor registered with the Data Protection Commissioner and complies with the Data Protection Acts 1998 and 2003.
The Data which you provide to us will be held on a computer database and paper files for the purpose of arranging transactions on your behalf.
We would also like to keep you informed of insurance, and any other services provided by us or associated companies with which we have a formal business arrangement, and which we think may be of interest of you. We would like to contact you by way of letter, email, telephone call or personal visit. If you do not wish to receive such marketing information please tick the box in the Terms of Business acknowledgement letter
COMPENSATION SCHEME
We are member of the Investor compensation Scheme operated by the Investor Compensation Company Ltd., - see Appendix 2 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 (knows as eligible investors) of authorised firms, as defined in the Act.
The Investor Compensation Company Ltd.,(ICCL) was established under the 1998 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 reasonable 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 instructions owned or belonging to the clients of the firm, and
To the extent that the client's loss is recognised for the purposes 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 10 4104955
