We, Prestige Underwriting Services (Ireland) Limited trading as AbbeyAutoline act as
intermediary (Broker) between you, the consumer, and the product provider with whom we
place your business.
The Background
Pursuant to provision 4.58A of the Central Bank of Ireland’s September 2019 Addendum to the
Consumer Protection Code, all intermediaries, must make available in their public offices, or on
their website if they have one, a summary of the details of all arrangements for any fee,
commission, other reward or remuneration provided to the intermediary which it has agreed with its
product producers.
What is Remuneration?
Remuneration is the payment earned by the intermediary for work undertaken on behalf of both the
provider and the consumer. The amount of remuneration is generally directly related to the value of
the products sold.
What is Commission?
Commission is payment that may be earned by an intermediary for work undertaken for both provider
and consumer. General insurance products, such as motor, home, travel, health, retail or liability
insurance, are typically subject to a single or standard commission model, based on the amount of
premium charged for the insurance product.
At this point we would like to advise our customers that any commission received does not affect
any remuneration or benefits staff may receive. All products offered to our customers are based
solely on their demand and needs.
Clawback
Clawback is an obligation on the intermediary to repay unearned commission. Commission can be paid
directly after a contract is concluded but is not deemed to be ‘earned’ until after a specified
period of time. If the consumer cancels or withdraws from the financial product within the
specified time, the intermediary must return commission to the product producer.
On the pages below you will find a list of the providers that our firm deals with, which for ease
of reference is in alphabetical order along with details of remuneration they may pay us if we
arrange your cover with them.
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