Balens Limited Remuneration in the Republic of Ireland

Please find listed below additional information about how Balens Limited may be remunerated from Insurers or product producers for the business of our client’s resident in the Republic of Ireland.

In addition to the premiums charged by Insurers, we may receive commission from the Insurers or product providers for the placement of your business. We regularly review the Insurers and product providers we may use with the aim of ensuring the insurance products we can offer remain competitive, market leading and value for money.

The maximum amount of commission we may receive is 35%, however, this can and does vary depending on the Insurer or Product Producer and the type of insurance written. If you would like to know the amount of commission we will receive on the business you place with us, please speak to your Account Handler. If this business is cancelled before the expiry date of the policy, the Insurer or Product Producer has the right to clawback the relevant proportion of this commission.

For XL Insurance Company SE, we may receive additional profit-sharing payments if the volume of business we place with this insurer reaches certain pre-agreed amounts. The calculation of this profit-sharing amounts to 15% of the Net profits, under the agreement we hold with them. Net profits account for the costs of running the account with the deduction of charges such as claims and claims expenses, complaint handling costs, auditing and underwriting expenses. If you wish to know more details of this arrangement please speak to your Account Handler.

If the Insurer or Product Producer applies any supplementary charges concerning the placement of your business, we will inform you prior to the agreement to commence such insurance cover.

Balens Limited will make a charge for the handling of your insurance and you will receive a quotation, which will clearly show fees and any Irish Levy plus the total cost payable, before your insurance arrangements are concluded. If you should cancel your insurance, fees are non-refundable.