Summary of Commissions
SUMMARY OF COMMISSIONS – Effective from 31st March 2020
We, Martin Insurance Ltd t/a Martin Insurance Brokers, martevo (“MIB”) act as intermediary between you, the consumer, and the product producer with whom we place your business.
Pursuant to provision 4.58A of the Central Bank of Ireland’s September 2019 Addendum to the Consumer Protection Code 2012, all intermediaries must make available in their public office, or on their website, a summary of the details of all arrangements for any fee, commission, other reward or remuneration paid or provided to the intermediary which it has agreed with its product producers.
What is Commission?
Commission is the payment earned by the intermediary for work undertaken on behalf of both the product producer and the consumer. There are different types of commission models available, however, general insurance products that we provide, such as motor, home or liability insurance, are typically subject to a standard commission, which is paid to us by the product producer shortly after the sale is completed and is based on a percentage of the premium paid.
Other Fees, Rewards or Non-Monetary Benefits
On rare occasions, we may also be in receipt of such non-monetary benefits from the product producers as attendance at their seminars, new product launches or Continuous Professional Development training for our staff, which are all designed to enhance the quality of our service to you.
Click on the Summary of Commissions document below, where you will find individual product producers (arranged in alphabetical order) with the details of our commissions arrangements with them.