Consumer Information - Frequently Asked Questions (FAQ’s)

Why use an IBA Broker?

•  An IBA broker is regulated by the Financial Regulator and is a member of the Irish Brokers Association
•  IBA brokers must be:

How am I protected if I deal with an IBA Broker?

IBA Brokers are members of the ICCL, where they are bonded for €20,000 for any one client.  They are also members of the IBA Compensation fund where they are bonded for €250,000 in aggregate or €100,000 for any one client.  Remember this bond is there to protect you, the client, in the event of the broker going out of business.

What should I get from my Broker if I take out an insurance policy?

At your first point of contact with a Broker you will be given a Terms of Business Document, it is important you read this document as it is in effect a terms and conditions of dealing with that firm.  The Terms of business document will include information on:

•  Name and contact details of the broker
•  A description of the services it will provide
•  A statement as to how the firm charges for its services
•  Details of commission structures, if any, through which the firm is remunerated.
•  A firms policy in relation to conflicts of interest

A Broker should always give you a receipt when you complete a proposal form, pay a premium or part of a premium.  This receipt known as a section 30 receipt will show what type of insurance you have paid for and the method of payment.