Commission Summary

We, Crotty Insurance Brokers Ltd act as intermediary (Broker) between you, the consumer, and the product provider with whom we place your 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 commission?

For the purpose of this document, commission is the payment earned by the intermediary for work undertaken on behalf of both the provider and the consumer.   The amount of commission is generally directly related to the quantity or value of the products sold.

There are different types of 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.

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.

Profit Share arrangements

In some cases, the intermediary may be a party to a profit-share arrangement with a product provider and will earn additional commission.  Any business arranged with these product providers on a client’s behalf will be placed with the product provider because that product provider is at the time of placement, the most suitable to meet the client’s requirements, taking all the client’s relevant information, demands and needs into account.

Fees section

Service Fees

Service Fees may be received from providers in respect of specific services provided by the Intermediary as set out under relevant agreements. Such fees may be based on the amount of premium charged for the insurance product.

Other Fees, Administrative Costs/ non-monetary benefits

 The firm may also be receipt of non-monetary benefits such as: Attendance at, and participation in, conferences, 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 event. Reasonable travel and accommodation expenses where the firm participates in or provides market research or training conducted by another firm & Assistance with Advertising/Branding. Other minor benefits that are capable of enhancing the quality of the service provided to clients and do not impair the firm’s duty to act in the best interests of the client