Terms of Business

TERMS OF BUSINESS                        
Version 1st September 2020


Address: 39 Mitchell Street, Clonmel, Co. Tipperary. Telephone: 052 6121644 Email: info@osib.ie. Website: www.osib.ie

These Terms of Business set out the general terms under which our firm will provide business services to you and the respective duties and responsibilities of both the firm and you in relation to such services. Please ensure that you read these terms thoroughly and if you have any queries we will be happy to clarify them. If any material changes are made to these terms we will notify you.

AUTHORISATION WITH THE CENTRAL BANK OF IRELAND John A. O’Sullivan Insurances Ltd trading as O’Sullivan Insurances (C8807) is regulated by the Central Bank of Ireland as an insurance intermediary registered under the European Union (Insurance Distribution) regulations 2018 and as an investment intermediary authorised under the Investment Intermediaries Act, 1995. Copies of our regulatory authorisations are available on request. The Central Bank of Ireland holds registers of regulated firms. You may contact the Central Bank of Ireland on 1890 777 777 or alternatively visit their website at www.centralbank.ie to verify our credentials.

CODES OF CONDUCTJohn A. O’Sullivan Insurances Ltd is subject to the Consumer Protection Code, Minimum Competency Code and Fitness & Probity Standards which offer protection to consumers. These codes can be found on the Central Bank’s website www.centralbank.ie

OUR SERVICESJohn A. O’Sullivan Insurances Ltd is a member of Brokers Ireland. Our principal business is to provide advice and arrange transactions on behalf of clients in relation to life & pensions and general insurance products. A full list of insurers, product producers and lending agencies with which we deal is available on request.

Fair And Personal Analysis – The concept of fair and personal analysis  describes the extent of the choice of products and providers offered by an intermediary within a particular category of life assurance, general insurance, mortgages, and/ or a specialist area.  The number of contracts and providers considered must be sufficiently large to enable an intermediary to recommend a product that would be adequate to meet a client’s needs.  The number of providers that constitutes ‘sufficiently large’ will vary depending on the number of providers operating in the market for a particular product or service and their relative importance in and share of that market.  The extent of fair analysis must be such that could reasonably be expected of a professional conducting business, taking into account the accessibility of information and product placement to intermediaries and the cost of the search.  In order to ensure that the number of contracts and providers is sufficiently large to constitute a fair and personal analysis of the market, we will consider the following criteria: the needs of the customer, the size of the customer order, the number of providers in the market that deal with brokers, the market share of each of those providers, the number of relevant products available from each provider, the availability of information about the products, the quality of the product and service provided by the provider, cost, and any other relevant consideration.

Non-life Insurance – We provide advice on and arrange general insurance products such as personal lines and commercial lines insurances. We provide general insurance on a fair and personal analysis basis. i.e. providing services on the basis of a sufficiently large number of contracts and product producers available in the market to enable us to make a recommendation, in accordance with professional criteria, regarding which contract would be adequate to meet your needs.

Life & Pensions We provide life assurance and pensions on a fair and personal analysis basis. i.e. providing services on the basis of a sufficiently large number of contracts and product producers available in the market to enable us to make a recommendation, in accordance with professional criteria, regarding which contract would be adequate to meet your needs.

Investment Intermediary Services – We are remunerated by commission for our investment intermediary services.

We will provide assistance to you for any queries you may have in relation to the policies or in the event of a claim during the life of the policy and we will explain to you the various restrictions, conditions and exclusions attached to your policy. However, it is your responsibility to read the policy documents, literature and brochures to ensure that you understand the nature of the policy cover. We will also offer assistance to you in relation to processing claims on policies taken out with us and in seeking renewal terms on your cover. To ensure continuity of cover, where you have an existing policy which is due to expire and where we have been unable to contact you, we may put continuing cover in force whilst awaiting your instruction. You will be liable for any premiums payable to the relevant insurer for the period of time between renewal and when we receive your instruction. You have the right not to avail of this service.

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.

CREDIT INTERMEDIARY – As a 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.

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).

CANCELLATIONWe 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.

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.

STATEMENT OF CHARGESThe 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. We may be remunerated by commission from insurers on completion of business. Details of the commission arrangements are available on our website. Where an override commission is received, this will be disclosed to you in general terms. 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.

There is no charge on debit card and credit card transactions. In the event of a default on your premium credit finance and close premium 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.

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.

REGULAR REVIEWSIt is in your best interests that you review, on a regular basis, the products which we have arranged for you. As your circumstances change, your needs will change. You must advise us of those changes and request a review of the relevant policy so that we can ensure that you are provided with up to date advice and products best suited to your needs. Failure to contact us in relation to changes in your circumstances or failure to request a review may result in you having insufficient insurance cover and/or inappropriate investments. Our services do not include the provision ongoing suitability assessments for investments.

DISCLOSURE OF INFORMATIONAny failure to disclose material information may invalidate your claim and render your policy void.

CONFLICTS OF INTERESTIt is the policy of our firm to avoid conflicts of interest in providing services to you. However, where an unavoidable conflict of interest arises we will advise you of this in writing before providing you with any service. A full copy of our conflicts of interest policy is available on request.

DEFAULT ON PAYMENTS BY CLIENTSWe will exercise our legal rights to receive payments due to us from clients (fees and insurance premiums) for services provided. In particular, without limitation to the generality of the 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.  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 the details of such provisions.

COMPLAINTSWhilst we are happy to receive verbal complaints, it would be preferable that any complaints are made in writing. We will acknowledge your complaint in writing within 5 business days and we will fully investigate it. We shall investigate the complaint as swiftly as possible, and the complainant will receive an update on the complaint at intervals of not greater than 20 business days starting from the date on which the complaint is made.  On completion of our investigation, we will provide you with a written report of the outcome. In the event that you are still dissatisfied with our handling of or response to your complaint, you are entitled to refer the matter to the financial services and pensions ombudsman (FSPO). A full copy of our complaints procedure is available on request.

DATA PROTECTIONWe are subject to the requirements of the General Data Protection Regulation 2018 and the Irish Data Protection Act 2018.  John A. O’Sullivan Insurances Ltd is committed to protecting and respecting your privacy. We wish to be transparent on how we process your data and show you that we are accountable with the GDPR in relation to not only processing your data but ensuring you understand your rights as a client. We 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 wish to receive this information please indicate below*.  The data will be processed only in ways compatible with the purposes for which it was given and as outlined in our data privacy notice, this will be given to all our clients at the time of data collection. We will ensure that this privacy notice is easily accessible. Please refer to our website www.osib.ie; if this medium is not suitable we will ensure you can easily receive a copy by hard copy, or telephonic environment. Please contact us at info@osib.ie if you have any concerns about your personal data. 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.

New consumer responsibilities arising out of the Consumer Insurance Contracts Act 2019 which was implemented to protect consumers.

New Business & Renewal – A consumer may cancel a contract of insurance, by giving notice in writing to the insurer, within working 14 days after the date the consumer was informed that the contract is concluded.  The insurer cannot impose any costs on the consumer other than the cost of the premium for the period of cover.

The consumer is under a duty to pay their premium within a reasonable time, or otherwise in accordance with the terms of the contract of insurance.

A court of competent jurisdiction can reduce the pay-out to the consumer where they are in breach of their duties under the Act, in proportion to the breach involved.

Post-Contract Stage and Claims – If, in respect of the insurance contract the insurer is not obliged to pay the full claim settlement amount until any repair, replacement or reinstatement work has been completed and specified documents for the work have been furnished to the insurer, the claim settlement deferment amount cannot exceed 5% of the claim settlement amount where the claim settlement amount is less than €40,000, or 10% of the claim settlement amount where the claim settlement amount is more than €40,000.

An insurer may refuse a claim made by a consumer under a contract of insurance where there is a change in the risk insured, including as described in an “alteration of risk” clause, and the circumstances have so changed that it has effectively changed the risk to one which the insurer has not agreed to cover.

Any clause in a contract of insurance that refers to a “material change” will be interpreted as being a change that takes the risk outside what was in the reasonable contemplation of the contracting parties when the contract was concluded.

The consumer must cooperate with the insurer in an investigation of insured events including responding to reasonable requests for information in an honest and reasonably careful manner and must notify the insurer of the occurrence of an insured event in a reasonable time. The consumer must notify the insurer of a claim within a reasonable time, or otherwise in accordance with the terms of the contract of insurance.  If the consumer becomes aware after a claim is made of information that would either support or prejudice the claim, they are under a duty to disclose it.  (The insurer is under the same duty).

If the consumer makes a false or misleading claim in any material respect (and knows it to be false or misleading or consciously disregards whether it is) the insurer is entitled to refuse to pay and to terminate the contract.

Where an insurer becomes aware that a consumer has made a fraudulent claim, they must notify the consumer advising that they are avoiding the contract of insurance.  It will be treated as being terminated from the date of the submission of the fraudulent claim.  The insurer may refuse all liability in respect of any claim made after the date of the fraudulent act, and the insurer is under no obligation to return any of the premiums paid under the contract.

COMPENSATION SCHEMEWe are members of the Investor Compensation Scheme operated by the Investor Compensation Company Ltd. See below for details.

INVESTOR COMPENSATION SCHEMEThe Investor Compensation Act, 1998 provides for the establishment of a compensation scheme and the payment, in certain circumstances, of compensation to certain clients (known as eligible investors) of authorised investment firms, as defined in that act.  The Investor Compensation Company Ltd. (ICCL) was established under the 1998 act to operate such a compensation scheme and our firm is a member of this scheme. Compensation may be payable where money or investment instruments owed or belonging to clients and held, administered or managed by the firm cannot be returned to those clients for the time being and where there is no reasonably foreseeable opportunity of the firm being able to do so. A right to compensation will arise only:  if the client is an eligible investor as defined in the act; and if it transpires that the firm is not in a position to return client money or investment instruments owned or belonging to the clients of the firm; and to the extent that the client’s loss is recognised for the purposes of the act. Where an entitlement to compensation is established, the compensation payable will be the lesser of: 90% of the amount of the client’s loss which is recognised for the purposes of the investor compensation act, 1998; or compensation of up to €20,000. For further information, contact the Investor Compensation Company Ltd. at (01) 224 4955.

BROKERS IRELAND COMPENSATION FUNDWe are also members of the Brokers Ireland 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.


I acknowledge and confirm that I have been provided with a copy of the terms of business of John A. O’Sullivan Insurances Ltd. And that I have read, understand and agree these terms.


DATED: _________________________________________________

*I wish to be contacted or receive information on product & services available from O’Sullivan Insurances