Commission Rates
Our Remuneration
Hickey, Clarke & Langan Insurances Ltd operates as an insurance broker. This means we act on your behalf, the customer, when arranging cover with the product providers with whom we do business.
Background
Under provision 4.58A of the Central Bank of Ireland’s September 2019 Addendum to the Consumer Protection Code, all intermediaries are required to publish a summary of any arrangements regarding fees, commissions, rewards, or other forms of payment that they receive from product providers. This information must be made available in our offices or on our website.
What Does Remuneration Mean?
Remuneration is the income an intermediary receives for services carried out for both the product provider and the customer. It is normally calculated as a percentage of the premium or value of the product arranged.
What is Commission?
Commission is one type of remuneration, paid to an intermediary for arranging and servicing insurance or financial products.
There are several models of commission, such as:
- Single Commission: A once-off payment made to the intermediary after the policy or product is set up, usually based on a percentage of the premium, investment, or loan amount.
- Indemnity Commission: Commission that is paid in advance, before it is fully “earned.” If the policy or product is cancelled or lapses within a certain period, the intermediary may be required to repay part or all of this commission (known as a clawback).
General Insurance Products
For most general insurance policies — such as motor, home, travel, health, retail, or liability cover — the single commission model is applied. The intermediary receives a percentage of the premium charged.
Profit-Sharing Agreements
In certain cases, our firm may have profit-share arrangements with product providers. This means we can earn additional commission where overall business placed with that provider performs profitably. However, business is only placed with providers when their product is considered the most suitable to meet a client’s needs and circumstances at the time.
Clawback of Commission
In some cases, commission paid at the start of a policy may be reclaimed by the product provider if the policy is cancelled or terminated within a defined timeframe. In these situations, the intermediary is required to refund the unearned commission to the provider.
Other Payments, Costs or Non-Monetary Benefits
In addition to commission, we may also receive support or benefits from product providers, including:
- Marketing or advertising support
- Training or educational seminars
- Attendance at industry events or conferences
- Shared or co-branded promotional materials
Commission Levels
The enclosed commission guide shows the maximum levels of commission we may receive from each product provider and product line. The actual amount may be lower than the figures listed, and these percentages can change from time to time.
Credit-Related Products
Where credit facilities are arranged for customers (such as premium finance), we may earn commission. Typically, this is paid under the single commission model, where the intermediary receives a once-off payment based on the amount borrowed.
A full list of the product providers we work with, arranged alphabetically, is available here.
You can also download the list in PDF format by clicking here.
- Exploring an iframe for data capture and quote integration
We would like to explore the option of embedding an iframe behind our website page. This would allow clients to complete an information-gathering form to generate a quick quote. The information entered could then be transferred directly into our Applied Relay insurance software engine, removing the need for double keying and improving efficiency. I will discuss this with our contact at Applied to confirm feasibility and revert back with further details.
- We are showing two different logos on the website.The one in the commission rates tab is our original one so would it be possible to enlarge it and use it on the homepage as well. Another option would be to increase the current font size of Hickey Clarke & Langan on the one on the website at the moment and change the logo to a white background with HCL logo in Navy blue colour as per commission rates logo.