Our Remuneration
Carole Nash Insurance Consultants (Ireland) DAC, trading as insurance4carhire EU, is regulated by the Central Bank of Ireland (Ref. C187762) as an insurance intermediary under the European Union (Insurance Distribution) Regulations 2018. Carole Nash Insurance Consultants (Ireland) DAC is a subsidiary of Carole Nash Insurance Consultants Limited, a retail intermediary authorised and regulated by the Financial Conduct Authority in the UK. Carole Nash Insurance Consultants (Ireland) DAC and Carole Nash Insurance Consultants Limited are part of the Ardonagh Group who have a direct holding in our business. For more information about the group, please visit: http://www.ardonagh.com/ We, Carole Nash Insurance Consultants (Ireland) DAC act as intermediary 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 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.
Other forms of indemnity commission are advances of commission for future sales granted to intermediaries in order to assist with set up costs or business development.
General Insurance products provided by Carole Nash Insurance Consultants (Ireland) DAC, such as Classic Car, Motorcycle, Personal Accident and Helmets and Leathers insurance, are subject to a single commission model, based on the amount of premium charged for the insurance product
Fees
As part of the combined product offering for Legal Expense Cover and Irish and European and Breakdown Cover, Carole Nash Insurance Consultants (Ireland) DAC are remunerated by a fee by the product producer such as policy/admin fee.
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.
A full list of Commissions and Fees which Carole Nash Insurance Consultants (Ireland) DAC receive are outlined in the tables below:
Commission Payments and Fees
| Does Carole Nash Insurance Consultants (Ireland) DAC receive any fee, commission, other reward or renumeration paid or provided with any Product Provider | Yes. Please see full details below, of fees, commission, other reward or renumeration paid or provided by the Product Providers to Carole Nash Insurance Consultants (Ireland) DAC. Carole Nash Insurance Consultants (Ireland) DAC ensure that commission rates and fees are equitable across any panel of Insurers we might operate, to ensure absolute impartiality at point of sale. |
|---|
Motorcycle Insurance
Product Provider | Product Type | Details | Clawback |
|---|---|---|---|
| AXA Insurance DAC | Motorcycle | Commission of 25% on Motorcycle Insurance Policies | If the consumer cancels or withdraws from the policy mid-term, a pro rata clawback will apply and be returned to the product producer. |
| FBD Insurance PLC | Motorcycle Insurance | Commission of 25% on Motorcycle Insurance Policies | If the consumer cancels or withdraws from the policy mid-term, a pro rata clawback will apply and be returned to the product producer. |
| An Administration Fee of €100 is paid by the customer to Carole Nash for the setting up and the renewal of the contract of insurance. This fee is added to the insurance premium. Where a customer purchases an optional extra (Personal Accident Cover and/or Helmet and Leathers Cover or both) as part of the Carole Nash combined product offering, commission is payable for both the primary product and the optional extra at the standard rate of 25% | |||
Classic Car Insurance
Product Provider | Product Type | Details | Clawback |
|---|---|---|---|
| AXA Insurance DAC | Classic Car | Commission of 12.5% on Classic Car | If the consumer cancels or withdraws from the policy mid-term, a pro rata clawback will apply and be returned to the product producer. |
| An Administration Fee of €50.00 is paid by the customer to Carole Nash for the setting up and the renewal of the contract of insurance. This fee is added to the insurance premium | |||
Breakdown Cover
Product Provider | Product Type | Details | Clawback |
|---|---|---|---|
| Inter Partner Assistance SA | Irish & European Breakdown Cover Motorcycle and Classic Car | Commission of 63.73% on Motorcycle and 65.46% Classic Car | No Clawback will apply after your 14-day 'right to cancel' period |
Legal Expense Cover
Product Provider | Product Type | Details | Clawback |
|---|---|---|---|
| ARAG Legal Protection Limited | Legal Expense Cover Motorcycle and Classic Car | Commission of 75% on Motorcycle and Classic Car | No Clawback will apply after your 14-day 'right to cancel' period |
Insurance4carhire EU Excess Cover
| Product Provider | Product Type | Details | Clawback |
| Riverside Insurance Agency Malta Ltd | Insurance 4 car hire Excess cover | Commission of 43.87% on annual policies sold in France Commission of 31.71% on single trip policies sold in France | No Clawback will apply |
| Riverside Insurance Agency Malta Ltd | Insurance 4 car hire Excess cover | Commission of 18.66% on annual policies sold in Germany Commission of 31.71% on single trip policies sold in Germany | No Clawback will apply |
| Riverside Insurance Agency Malta Ltd | Insurance 4 car hire Excess cover | Commission of 20.85% on annual policies sold in Italy Commission of 31.71% on single trip policies sold in Italy | No Clawback will apply |
| Riverside Insurance Agency Malta Ltd | Insurance 4 car hire Excess cover | Commission of 38.11% on annual policies sold in Netherlands Commission of 31.71% on single trip policies sold in Netherlands | No Clawback will apply |
| Riverside Insurance Agency Malta Ltd | Insurance 4 car hire Excess cover | Commission of 34.01% on annual policies sold in Republic of Ireland Commission of 23.64% on policies sold in Republic of Ireland | No Clawback will apply |
| Riverside Insurance Agency Malta Ltd | Insurance 4 car hire Excess cover | Commission of 33.36% on annual policies sold in Spain Commission of 31.71% on single trip policies sold in Spain | No Clawback will apply |
| Riverside Insurance Agency Malta Ltd | Insurance 4 car hire Excess cover | Commission of 43.89% on annual policies sold in Sweden Commission of 31.71% on single trip policies sold in Sweden | No Clawback will apply |
Incentives
| Does Carole Nash Insurance Consultants (Ireland) DAC have any Special Incentive arrangements with any Product Provider? | No |
Soft Commission or Inducement Arrangements
| Does Carole Nash Insurance Consultants (Ireland) DAC have any Soft Commission arrangements with any Product Provider? | No |
This document is effective 1st September 2021.