Introduction

Arthur J Gallagher Insurance Brokers (Ireland) Limited t/a CosmeticInsure.ie acts as an intermediary between you, the client, and the product providers with whom we place your business. We are committed to acting in your best interests by providing transparent, tailored advice and solutions that meet your insurance and financial needs.

Our remuneration reflects the professional expertise, guidance, and services we deliver to our clients, as well as the work we carry out on behalf of insurers and product providers to ensure your requirements are met effectively and efficiently. Transparency is at the core of our approach, and we are dedicated to providing clear and comprehensive information about our remuneration practices.

The Background

Pursuant to provision 4.58A of the Central Bank of Ireland’s September 2019 Addendum to the Client 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

Commission is the payment we may earn for the work we undertake on behalf of the Insurer and/or Product Producer, as well as for the services we provide to you, our customer, including offering advice and facilitating transactions with insurers and product producers. Commission is typically calculated as a percentage of the premium paid or the amount invested.

Types of Commission

• General Insurance
• Profit Share Arrangements
• Credit Products
• Indemnity Commission

General Insurance Commission

General insurance products, such as, retail, 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

CosmeticInsure.ie may participate in a profit-share arrangement with an insurer and will earn additional commission. Any business arranged with these product providers on a client’s behalf will be placed with the insurer because that insurer is at the time of placement, the most suitable to meet your requirements, taking all your relevant information, demands, and needs into account.

Credit Products

CosmeticInsure.ie earns commission for arranging credit services on behalf of our clients. We work exclusively with a single credit provider, Premium Credit. For credit products, the most common approach is a single or standard commission model, where the commission is based on a fixed percentage of the transaction value.

Indemnity commission

Indemnity commission is the term used to describe a commission payment made before the commission is deemed to be ‘earned.’ Indemnity commission is paid upfront but may need to be repaid if the product is cancelled within a certain period. 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.

Clawback Obligations

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 client cancels or withdraws from the financial product within the specified time, the intermediary must return commission to the product producer.

Details of Commission Range

Our firm’s commission options are displayed showing the maximum amount which can be received. The level of commission depends on individual circumstances, based on the following factors:

• The firm’s discretion
• Client relationship
• Whether the level of commission is negotiable
• Length / Term of the policy or contract
• Complexity of the case
• Commercial decision
• Product constraints/rules set by the product provide

Professional Fees **

A fee is a payment for the professional services and expertise provided by CosmeticInsure.ie. The amount of any fee will be discussed and agreed with you in advance of all transactions. Fees may be determined based on the schedule outlined below, or alternatively, we offer an hourly rate as specified in our Terms of Business.

Fees may be subject to change if additional factors arise, such as the level of risk or the urgency of the transaction. Any changes will always be discussed and agreed upon with you prior to the placement of transactions.

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 insurer educational seminars -Assistance with Advertising/Branding.

In addition to the above, we may carry out some of the administration associated with your insurance on behalf of or for the benefit of, insurers and may receive additional remuneration from the insurers for this activity. You have the right to request details of any such remuneration.’

Commission Rate

The commission rates CosmeticInsure.ie receives are as follows:

These figures reflect the maximum amount which can be earned for this category of business.

Contact Details

For further information on the above, please contact ie. retail.complaince@ajg.com

**Please note that professional fees are non-refundable in the event of a policy cancellation after 14 days.