Ion Insurance Ireland, Paul Hudson trading as Magenta Online Marketing receives 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 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%