Remuneration

 

We, MIS Underwriting Limited, act as intermediary between you, our customer, and the product provider with whom we place your business.  MIS Underwriting Limited also act as a wholesale broker providing Legal Expenses Insurance. 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 the 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 been 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 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 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 of the client’s relevant information, demands and needs into account.

 

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 Fee, Administrative Costs/ Non-Monetary Benefits

 

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

• Assistance with Advertising/Branding
• Attendance at product provider seminars
• Industry Educational Seminars
• Co-branded literature

Commission Arrangements

 

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

 

Product	Provider	New Business Commission	Renewal Commission	Referral Commission
Motor Legal Expenses	AmTrust International Underwriters Dac	26.5%	26.5%	N/A
Family Legal Expenses	AmTrust International Underwriters Dac	26.5%	26.5%	N/A
Personal Accident	AIG Europe S.A.	0%	0%	N/A
Commercial Legal Expenses	AmTrust International Underwriters Dac	26.5%	26.5%	N/A
Commercial Insurance	Pen Underwriting	Up to 10%	Up to 10%	N/A
Musical Insurance	Ecclesiastical Insurance	Up to 30%	Up to 30%	N/A