Terms of Business & Remuneration Policy

 Please click here to view a pdf of our   TERMS OF BUSINESS 2018

REMUNERATION POLICYThe Firm provides a comprehensive range of Professional Services including the sourcing of cover at best prices and widest cover; advice & assistance in dealing with claims; experienced help in complying with policy terms & conditions; interpretation of your insurance requirements and a yearlong open door system of helping with whatever insurance matters that might arise.

The Firm is normally remunerated by commission on non-life insurance and a Brokerage Fee to a maximum of €500 for Personal Lines Insurance and up to a maximum of 100% of the premium for Commercial Lines Insurance.

Mid-term alterations incur a fee of up to maximum €500 for Personal Lines Insurance and up to a maximum of 100% for Commercial Lines Insurance.

In relation to the arranging or provision of advice regarding Life, Pensions and investments, the Firm are remunerated by either commission or fee. If applicable, fees are charged on a time spent and disbursements basis.

Our current basis hourly rate is €170 for Directors and Consultants and €60 for support staff.

In determining the rate and any additional charge, factors such as specialist skills, complexity, value, risk and urgency will be taken into account.


In the event of a default on your Premium Credit Finance facility we will apply a charge of €15 per default.

We reserve the right to amend these fees based on the complexity of the matter at hand. This will be notified in writing.




AUTHORISED STATUSJohn A. O’Sullivan Insurances Ltd. is regulated by the Central Bank Of Ireland under the Investment Intermediaries Act, 1995 (as amended), the Consumer Credit Act, 1995 and the European Communities Insurance Mediation Regulations, 2005. Copies of our Authorisations are available on request; alternatively the Central Bank Of Ireland holds registers of regulated firms which can be viewed on their website www.centralbank.ie


John A O’Sullivan Insurances Ltd is authorised to provide the following services:

  • Offer advice on a fair analysis of the market basis in relation to all classes of non-life insurance (motor, property, liability, marine etc.) from those product producers and the intermediaries from whom an appointment is held as per attached list.
  • Receive and transmit orders on your behalf for a product(s) to one or more of the Product Producers listed.


PREMIUM HANDLING AND RECEIPTSWhen receiving and transmitting orders in relation to insurance policies John A. O’Sullivan Insurances Ltd. may accept payment from clients payable to itself where an insurance undertaking has invited a renewal of a policy of insurance, or the proposal for insurance has been accepted by an insurance undertaking. A Section 30 receipt is issued for all monies received.



PREMIUM REBATESWe will charge a fee of up to 25% of the rebate allowed by the Product Producer on the Motor Business and 25% on Non Motor Business in the event of Policy alterations or cancellations. The minimum charge will be €25, subject to your written agreement at the time of the transaction.


CONFLICT OF INTEREST & COMPLAINTSIt is the policy of the Firm 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 in writing before providing any business service. If you have not been advised of such conflict you may assume that none arises.

  • We have a written complaints procedure for the effective handling of all complaints. We will acknowledge receipt of your complaint in writing within 5 working days. A written update will be issued to you every 20 days by a nominated individual within our firm. A comprehensive response to your complaint will be issued within 8 weeks of receipt of your initial complaint. In the event of failure to resolve your complaint you may raise the matter with the Financial Services Ombudsman Bureau Lo Call: 1890 88 20 90 enquiries@financialombudsman.ie or the Pension Ombudsman. Our full complaints procedure is available on request.


CONSUMER PROTECTIONWe are the members of the Investor Compensation Scheme established under Section 38 of the Investor Compensation Act 1998. The Act provides that compensation shall be paid to eligible investors (as defined in the Act) to the extent of 90% of an investor’s net loss or €20,000, whichever is the lesser and is recognised as being eligible for compensation. We are also members of the Irish Brokers Association (IBA) Compensation Fund. Subject to the rules of the scheme the liabilities of its members firms up to a maximum of €100,000 per client (or €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 Investor Compensation Scheme has failed to adequately compensate any client of the member. Further details are available on request.


RECEIPTSJohn A. O’Sullivan Insurances Ltd. shall issue a receipt for each non-negotiable or negotiable instrument or payment received. This is required pursuant to Section 30 of the ’Investment Intermediaries Act, 1995’ these are issued with your protection in mind and should be stored safely.


CONSEQUENCES OF DEFAULTINGUnder current legalisation, very strict rules apply to the payment to insurance companies. John A. O’Sullivan Insurances Ltd. will not be able to pay premiums to insurers which have not been received from clients, with the result that cancellation instructions will be given to insurers in the absence of payment of the premium in full. Insurance premium finance providers and insurance companies may cancel policies or withdraw cover and loan facilities and impose penalties and charges in the event of a default on premiums due.

Our firm will exercise its legal rights to receive payments due to it from clients for investment business services provided. In particular, without limitation of the generality of foregoing, the firm will seek reimbursement for all payments made to insurers on behalf of clients where the firm has acted in good faith in renewing a policy of insurance for the client. Insurers and other product producers may withdraw benefits or cover in the event of default on payments due under policies of insurance or other products arranged for you. We would refer you to policy documents or product terms for details of such provisions.


STATUTORY CODESJohn A. O’ Sullivan Insurances Ltd. is subject to and complies with the Consumer Protection Code, Minimum Competency Code and the Fitness and Probity Standards as laid down by the Central Bank Of Ireland. These codes offer protection to consumers and can be found on the Central Bank Of Ireland website www.centralbank.ie


SERVICES PROVIDEDWe will offer advice on a fair analysis basis in relation to all classes of insurance policies. This means we will research the market place and providers and recommend the best product to suit your own needs.

We will identify and select a suitable product producer and on receipt of your instructions we will transmit orders on your behalf to one or more product produces (a list of which is available on request)

This firm does not have ‘tied’ relationship with any institution that would compromise our ability to offer you advice and choice.

As credit intermediary the firm can arrange premium finance facilities with Premium Credit Ltd and Close Premium Finance for payment of your annual premium by monthly instalments.

As Insurance Intermediaries we provide advice in relation to General Insurance and Life Insurance products and services. With the significant number of appointments we hold, we can offer our clients an extensive choice of suitable products that best serve their needs and circumstances. We do not guarantee nor make representations in regard to, and expressly disclaim responsibility for the financial security of Insurance Companies and Product with which we place business.


MONEY LAUNDERING – Our Firm reserves the right to request additional information that may be required in order to comply with the Anti Money Laundering requirements of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (as amended).


CREDIT INTERMEDIARYAs a credit intermediary we may be remunerated by the premium/credit finance on your behalf.


CANCELLATION – We reserve the right to cancel your policy in certain circumstances, for example the non-payment of premiums, direct debit default, or misrepresentation/non-disclosure of material facts and relevant information.


DATA PROTECTIONWe 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 used only 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. If you do not wish to receive this information please indicate below*

Call and Voice Recording – John A. O’Sullivan Insurances Ltd may record telephone calls, inbound and outbound for regulatory, training, quality and verification purposes. All data recorded in this manner is in accordance with the Data Protection Acts.


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.


DISCLOSURE OF INFORMATIONIt is your responsibility to provide complete and accurate information for the Insurers when arranging an insurance policy and/or where a Statement of Fact is completed on your behalf. Failure to disclose any material information to your insurers could invalidate your insurance cover; all/or part of the claim may not be paid.