Terms of Business

These Terms of Business (Version 5 Effective from 1st September 2020) 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. The sites Compare Insurance Ireland and Ion Insurance are owned by Paul Hudson trading as Magenta Online Marketing.

Our Contact Details
Compare Insurance Ireland, Paul Hudson trading as Magenta Online Marketing, 2 Magenta Hall, Santry, Dublin 9, Ireland. Email: [email protected].

Authorisation with the Central Bank of Ireland
Paul Hudson trading as Magenta Online Marketing (117655) is an Insurance Intermediary and is authorised and regulated by the Central Bank of Ireland. The business is registered as an Insurance Intermediary under the European Union (Insurance Distribution) Regulations 2018. Our Authorisation can be verified by contacting the Central Bank on 1890 77 77 77. A copy of the firm’s statement of authorised status is available on request.

Codes of Conduct
We are subject to the Central Bank’s Consumer Protection Code, Minimum Competency Code and Fitness and Probity Standards, which offer protection to consumers and can be found on the Central Bank’s website www.centralbank.ie.

Our Services
Paul Hudson trading as Magenta Online Marketing is a member of Brokers Ireland.

Life and non-life insurance. We provide leads to other regulated entities for the purpose of transacting life and non-life insurance. We also provide a limited aggregator/comparison service for travel insurance. We do not offer personal financial advice or tailored recommendations nor do we make endorsements of products/services suppliers. All tables and text on Compare Insurance Ireland are for informational purposes only and should not be considered as financial advice.

Remuneration & Charges
Paul Hudson trading as Magenta Online Marketing receives a commission from product producers with whom we provide an online mediation facility.

Home and motor insurance policies are provided by O’Callaghan Insurances Ltd.
Fees charged for motor & home insurance administration are:
New Business & Renewal Set up Charge Up to €100
Policy Amendment or Cancellation Charge Up to €50
Duplicate documentation Up to €25

Business insurance policies are provided by O’Callaghan Insurances Ltd.
Non-Life Commercial and/or Business Insurance:
New Business & Renewal Set up Charge up to 50% of premium subject to a minimum of €50
Policy Amendment or Cancellation Charge up to 30% of premium subject to a minimum of €30
Duplicate documentation up to €25

Other insurances include: pet insurance max remuneration 10%, gadget insurance max remuneration 10%, travel insurance max remuneration 18% & bicycle insurance max remuneration 10%.

Mortgage protection insurance policies are provided by JSBCA Ltd t/a Low. For Life Assurance products commission is divided into initial commission and renewal commission (related to premium), fund based or trail relating to the accumulated fund. A Mortgage Protection Product provides for an initial upfront commission as outlined below. These policies have an inbuilt recurring commission structure to remunerate the Brokerage for reviews, service and claims support. If for some reason a client moves or terminates their policy within a particular period of time, this might result in the provider seeking to “clawback” some or all of the commission paid to the broker, depending on how long the policy was active with the provider.

Aviva Life & Pensions Ireland DAC: Initial 150%, Renewal 25%, Clawback Yr 1 100%, Clawback Yr 2 100%
New Ireland Assurance Company plc: Initial 225%, Renewal 50%, Clawback Yr 1 100%, Clawback Yr 2 100%
Royal London Insurance DAC: Initial 200%, Renewal 36%, Clawback Yr 1 100%, Yr 2 100%, Yr 3 100%, Yr 4 100%, Yr 5 100%
Zurich Life: Initial 140%, Renewal 40%, Clawback Yr 1 100%, Clawback Yr 2 100%

Data Protection & Confidentiality
Paul Hudson trading as Magenta Online Marketing will treat any personal or other information with respect and confidence in accordance with data protection legislation. We are subject to the requirements of the General Data Protection Regulation 2018 and the Irish Data Protection Act 2018. Please note we use third party insurance software supplied by Blue Insurances Ltd, JSBCA Ltd t/a Low & O’Callaghan Insurances Ltd. These brokers would have their own Data Protection and Confidentiality policy.

Duty of Disclosure
It is your duty to provide complete and accurate information to insurers when incepting your insurance policy, it is important that you ensure all information is to the best of your knowledge, full and accurate. Failure to disclose any material information to your insurers could invalidate your insurance cover and in the event of a claim part of or all may not be paid.

Conflicts of Interest
It is the policy of the firm to avoid any conflict of interest when providing services to you. However, where an unavoidable conflict of interest arises we will advise you of the steps we propose to take in order to protect your interests before providing you with any business service. A full copy of our conflicts of interest policy is available on request.

Complaints
We will endeavour to resolve complaints within 5 working days. In the event that we have been unable to do so, we will then go to our full complaints procedure, a summary of which is detailed below. Each complaint will be acknowledged by us within 5 working days of receipt, updates will be advised in intervals of no more than 20 working days, we will endeavour to resolve the complaint within 40 business days and findings will be furnished to you within 5 working days of completion of the investigation. In the event that you are not entirely satisfied with the firms handling of and response to your complaint, you may wish to direct your complaint to the Financial Services and Pensions Ombudsman, 3rd Floor, Lincoln House, Lincoln Place, Dublin 2. Low Call 1890 88 20 90. Our full complaints procedure is available on request.

Data Protection
We are subject to the requirements of the General Data Protection Regulation 2018 and the Irish Data Protection Act 2018.

Paul Hudson T/A Magenta Online Marketing 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.

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 privacy policy, if this medium is not suitable we will ensure you can easily receive a hard copy.

Please contact us if you have any concerns about your personal data.

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

New Business & Renewal
You may cancel a contract of insurance, by giving notice in writing to the insurer, within 14 working days after the date you were informed that the contract is concluded. This does not affect the notice periods already provided under European Union (Insurance and Reinsurance) Regulations 2015 ( S.I. No. 485 of 2015 ) or the European Communities (Distance Marketing of Consumer Financial Services) Regulations 2004 ( S.I. No. 853 of 2004 ) which is 30 days in respect of life policies, irrespective of whether the sale took place on a non-face to face basis, and 14 days in respect of general policies only on sales that took place on a non-face to face basis (distance sales).

The giving of notice of cancellation by you will have the effect of releasing you from any further obligation arising from the contract of insurance. The insurer cannot impose any costs on you other than the cost of the premium for the period of cover.

This right to cancel does not apply where in respect of life assurance the contract is for a duration of six months or less, or in respect of general insurance, the duration of the contract is less than one month.

You are under a duty to pay your 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 you if you are in breach of your duties under the Act, in proportion to the breach involved.

Post-Contract Stage and Claims
An insurer may refuse a claim made by you 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.

You 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.

You must notify the insurer of a claim within a reasonable time, or otherwise in accordance with the terms of the contract of insurance.

If you become aware after a claim is made of information that would either support or prejudice the claim, you are under a duty to disclose it. (The insurer is under the same duty).

If you make a false or misleading claim in any material respect (and know 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 may notify the consumer advising that they are voiding the contract of insurance, and 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.

Governing Law
This agreement is subject to Irish Law and the Irish Courts will have exclusive jurisdiction over any dispute.

Investor Compensation Company Limited
Paul Hudson trading as Magenta Online Marketing is a member of the Investor Compensation Scheme established under the Investor Compensation act 1988, which provides certain remedies to eligible clients on default by us. The right to compensation will arise only:

· If you are an eligible investor as defined by the act.
· If we are not in a position to return client money or investment instruments owned or belonging to our clients; and
· The extent that your loss is recognised for the purposed of the act.

When an entitlement to compensation is established, the compensation payable will be the lesser of 90% of your loss which is recognised for the purposes of the Investor Compensation Act 1988 or Eur 20,000.

For further information, contact the Investor Compensation Company Ltd. at (01) 224 4955.