01 660 6900 info@cfmgroup.ie

Our Remuneration – Non Life Insurance Products

City Financial Marketing Group Ltd acts as an intermediary (Broker) between you, the consumer, and the product provider with whom we place your business, i.e. your insurance company. *see below for list of trading names

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, 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 premium or 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 transaction is completed and is based on a percentage of the premium paid/amount invested/amount borrowed.
  •  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.

General Insurance Products

General insurance products, such as motor, home, travel, health, retail or liability insurance, are typically subject to a single 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.

Other Special Arrangements

From time to time CFM Group limited and all its trading names may offer discounts to their clients. This is provided for by funds made available by each Insurance company at various times throughout the year and limits are applied for each scheme.

Clawback

Clawback is an obligation on the intermediary to repay unearned commission. Commission can be paid directly after a transaction 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.

Other Fees, Administrative Costs/ Non-Monetary Benefits

The firm may also be in receipt of other fees, administrative costs, or non-monetary benefits such as:

  • Attendance at product provider seminars
  • Assistance with Advertising/Branding
  • Industry Educational Seminars
  • Use of Product Providers resources
  • Co-branded literature

Commission Arrangements

The commission guidance document gives indicative values across every product provider and every product advised whereby a commission is received within our business. This is the maximum our Brokerage may receive and is subject to change. We may receive a lower remuneration than the enclosed percentages/amounts.

 

City Financial Marketing Group Limited trades as CFM group, Insuremyvan.ie, Drive like a girl, Insuremyhouse.ie, Insuremyshop.ie, Insuremycars.ie, Coverinaclick.ie and Insuremyholiday.ie.

For more information see the Commission Disclosure Document Below

Commission Disclosure Document as at March 31st 2020

Company Name Customer Type Max Commission (% Single/Renewal)
AIG Personal & Commerical 0-25
Aiken and Co(Insurances) Ltd Personal & Commerical 0-20
Allianz Personal & Commerical 0-25
Aon Insurance Ltd Personal & Commerical 0-20
AquaBroker Ltd Personal & Commerical 0-10
Arachas Insurance Personal & Commerical 0-20
ARB Underwriting Ltd, Personal & Commerical 0-15
Asgard Personal & Commerical 0-15
Aviva Insurance Personal & Commerical 0-20
AXA Insurance Ltd Personal & Commerical 0-20
Benchmark Underwriting Ltd Personal & Commerical 0-20
Bump Insurance Personal & Commerical 0-12
Capital I M Commercial 0-10
Catalpa Underwriting Ltd Personal & Commerical 0-15
Citynet Commercial 0-20
Contessa Ltd Commercial 0-15
Corporate Underwriting Ltd Commercial 0-15
DAS Legal Protection & Sevices Personal & Commerical 0-10
Dolmen Insurance Personal & Commerical 0-10
Dual Insurance Co Personal & Commerical 0-15
Ecclesiastical Commercial 0-20
Event Sure Commercial 0-20
Everest Commercial 0-15
FBD Commercial 0-10
First Ireland Commercial 0-7.5
Footprint Underwriting Personal 0-10
Frost Underwriting Commercial 0-15
Hickey Clarke and Langan Personal 0-10
Irish Life Health Personal & Commerical 0-15
Isure Underwriting Commercial 0-20
Jardine Lloyd Thompson Commercial 0-20
Kennco Underwriting Ltd Personal & Commerical 0-20
Liberty Insurance Personal & Commerical 0-20
Lime Insurance Commercial 0-20
Mapfre Insurance Personal Holiday 0-10
Midas Commercial 0-10
MIS Claims Personal & Commerical 0-10
Oamps Commercial 0-15
OBF Insurance Group Personal & Commerical 0-10
Octane Underwriting Personal 0-10
Optis Insurance Commercial 0-17.5
Patrona Underwriting Personal & Commerical 0-20
Prestige Underwriting Services Ltd Personal 0-10
Royal & SunAlliance Personal & Commerical 0-20
RSA Galway Personal & Commerical 0-20
Securus Insurance Ltd Personal & Commerical 0-20
Sertus Underwriting Ltd. Personal 0-20
Specialist Underwriting Services Ltd Commercial 0-17.5
The Underwriting Exchange Commerical 0-20
Thomand Underwriting Commercial 0-15
Travelers Ireland Commercial 0-15
Willis Insurance Commercial 0-20
Worldwide Insurance Brokers & Advisors Commercial 0-20
Wrightway Underwriting Personal & Commerical 0-20
XS Direct Personal 0-12.5
Zurich Insurance PLC Personal & Commerical 0-20