Terms of Business / Authorised Status

Authorised Status

William Cullen & Sons Ltd t/a Cullen Insurances is regulated by the Financial Regulator as an Authorised Advisor, under the Investment Intermediaries Act 1995, and is registered with the Financial Regulator as an Insurance Intermediary under the Insurance Mediation Directive. Copies of our various authorisations are available on request. Our authorisations can be verified by contacting the Financial Regulator on 01 4104000.

This firm does not have any “tied” relationships with any institution that would compromise our ability to offer you independent advice and choice. This firm is also a member of the Irish Brokers Association (IBA).

Cullen Insurances is authorised to provide the following services:

· Offer broad based advice in relation to all classes of non-life insurance (motor, property, liability, marine etc.) We will identify and select a suitable product producer and on receipt of your instructions we will transmit orders on your behalf to one or more product producers (a list of which is shown below)

· Receive and transmit orders on your behalf for a product (s) to one or more of the Product Producers . List available on request

Remuneration Policy

Cullen Insurances is remunerated by way of commission from some of the product producers and may apply administration charges as outlined below:

Motor: MIN  €35 MAX €100 Household: FROM €30 MAX €100  Commercial Non-motor: up to 15% of premium

These are the normal charges but where unusual circumstances occur involving extra work, additional charges will be made consistent with the industry average.

On all other classes of business an adminstration charge of €35 may apply and a maximum of €100 depending on the amount of work involved. Charges in excess of this amount will be negotiated with each client individually. We may provide you with Premium Financing on your request with an Override Charge of between 1% and 2%.

Return Premiums: In the event of a return premium being issued, we will issue cheque to you within 5 working days. This cheque will be for the return issued by the product insurer and includes an administration charge not exceeding €35.00 Refunds/Returns under €35 may be kept by us as an Administration Fee.

Conflict of Interest and Complaints

· It is the policy of the firm to avoid any conflict of interest when providing business services to its clients. However, where an unavoidable conflict may arise we will advise you of this in writing before providing any business service. If you have not been advised of any such conflict you may assume that none arises.

· This firm has a written procedure in place for the effective consideration and handling of complaints. This procedure ensures that complaints will be recorded and written complaints acknowledged in writing within 14 days. All complaints will be fully investigated and the outcome of the investigation will be communicated to the person who raised the complaint.

In the event that you remain dissatisfied with the firms handling of and response to your complaint contact may be made with the Financial Services Ombundsman Bureau, 32 Upper Merrion Street, Dublin 2. Tel: 01-6620899 and/or the Irish Brokers Association, 87 Merrion Square, Dublin 2.

Consumer Protection

Investor Compensation Company Ltd. (ICCL)

This firm is a member of the investor compensation scheme established under the Investor Compensation Act, 1998. This legislation provides for the establishment of a compensation scheme and to the payment, in certain circumstances, of compensation to clients of firms covered by the Act. However, you should be aware that a right to compensation will only arise where money or investment instruments held by this firm on your behalf cannot be returned either for the time being or for the foreseeable future and where the client falls within the definition of eligible investor as contained in that Act. In the event that a right to compensation is established, the amount payable is the lesser of 90% of your loss which is recognised as being eligible for compensation or EUR €20,000.

In addition to the Compensation available under the “Investor Compensation Act, 1998” Cullen Insurances is bonded through its membership of IBA for €200,000 with an inner limit of €65,000 per client.

Data Protection:

We collect your personal details in order to provide the highest standard of service to you. We take great care with the information provided; taking steps to keep it secure and to ensure it is only used for legitimate purposes. To fulfil these objectives we may share information with other affiliated professionals. The information and other data provided to our office may be used to advise you of products and services we may offer from time to time. You have the right to request a copy of any ‘personal data’ within the meaning of the Data Protection Act 1988 (as amended or re-enacted from time to time), that our office holds about you and to have any inaccuracies in that information corrected.

Handling Clients’ Money

Cullen Insurances will accept payments in cash, cheque or credit card in respect of all classes of insurance in the circumstances permitted under Section 25G of the Investment Intermediaries Act, 1995.

Cullen Insurances is not authorised to accept cash or negotiable instruments in any other circumstances.

Where the client fails to pay:

In the event that a client fails to pay within the credit terms agreed when cover is arranged, the Firm will advise the Product Producer involved and cover will be cancelled.

Receipts

Cullen Insurances shall issue a receipt for each non-negotiable or negotiable instrument or payment received. This is required pursuant to Section 30 of the “Investment Intermediaries Act, 1995.” These are issued with your protection in mind and should be stored safely.

(These Terms of Business are valid from November 2007 until further notice)

We are pleased that you have decided to select Cullen Insurances to act as your Insurance and Investment Intermediary.

Please ensure that you read through this document, if you require further clarification regarding any matter we will be happy to deal with your queries.

These terms shall apply to any business service provided to you now and will remain in force until further notice.Should this firm change its business terms at a future date you will be notified in advance of the changes.

Could you please sign the acknowledgement of this letter provided hereunder as confirmation that you have received and understand the terms of business and return to us, as we are obliged to retain it on your file in compliance with the regulations of the Financial Regulator.

A FULL LIST OF OUR PRODUCT PROVIDERS IS AVAILABLE ON REQUEST. 

CULLEN INSURANCES, THE SQUARE, NEWPORT, CO TIPPERARY

Tel 061 378116 Fax 061 378055

Company Registered No. 65074