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.

Life Pensions/Deposits; Life Wrapped Investments
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.

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; particularly in relation to PHI and Serious Illness Policies.

Specifically on the subject of Permanent Health Insurance Policies we will explain to you;     a) the meaning of disability as defined in the Policy; b) the benefits available under the Policy; c) the general exclusions that apply to the Policy; and d) the reductions applied to the benefit where there are disability payments from other sources.

For a Serious Illness Policy, we will explain clearly to you the restrictions, conditions and general exclusions that attach to that Policy.

Non-Life
We can provide advice on and arrange products from the following range: Household, Motor, Commercial, Public Liability, Employer Liability, and travel insurance.

We provide general insurance on a fair and personal analysis basis (providing services on the basis of a sufficiently large number of contracts and Product Producers available in the market to enable the firm to make a recommendation, in accordance with professional criteria, regarding which contract would be adequate to meet your needs).

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.

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.

M. G. Anderson 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.

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 available 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.mganderson.ie.  If this medium is not suitable, we will ensure you can easily receive a copy by post or email.

Please contact us at b.anderson@mganderson/ie if you have any concerns about your personal data.

Consumers: (“Consumers “are defined in the legislation as natural persons and sole traders/partnerships/corporate entities with an annual turnover of €3m or less in the previous financial year)

Consumers: Duty of Disclosure when completing documentation for new business/renewals and midterm adjustments

You are required to answer all questions posed by us or the Insurer honestly and with reasonable care – the test will be that of the ‘average consumer’[1].

Before renewal of the contract of insurance, specific questions will be asked.  Again, you will be required to answer honestly and with reasonable care.  Where you do not provide additional information (after being requested to do so) it can be presumed that the information previously provided remains unchanged.

Failure to answer all questions honestly and with reasonable care can result in the Insurer being able to rely on proportionate remedies for misrepresentation, which include but are not limited to the Insurer voiding the contract of insurance.  If a Policy is cancelled by an Insurer for any reason including payment default you may encounter difficulty in purchasing insurance in the future.

Completed Proposal Forms/Statement of Fact
Completed Proposal Forms or Statements of Facts will be provided to you.  These are important documents as they form the basis of insurance contract between the Insurer and you the consumer.  You should review and confirm that the answers contained within are true and accurate.

Some Insurers require you to complete and sign a Proposal Form, Questionnaire or other similar document.  Other Insurers issue you with a Statement of Fact, which sets out the answers you have provided to the questions they have asked.  You have a duty to answer all questions asked honestly and with reasonable care and you should review and confirm that the answers contained within are true and accurate and should advise us immediately if any of the information requires amendment.  These are important documents as they form the basis of insurance contract between the Insurer and you the consumer.

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.

Cancellation of a Contract of Insurance

1. 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 and only on sales that took place on a non-face to face basis (distance sales).

This right to cancel does not apply where, in respect of Life Insurance 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. 

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 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 both you and the Insurer 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 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.

Commercial Customers: Non-Consumers
Disclosure of Information

It is essential that you should bring to our attention any material alteration in risk such as changes of address or use of premises. Any failure to disclose material information may invalidate your claim and render your policy void.

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.