These Terms of Business set out the general terms under which our firm will provide General Insurance business services to you. It details the respective duties and responsibilities of both the firm and you in relation to such services. This is an important document so please read this thoroughly and if there are any queries on any of the terms of business please contact us and we will be happy to clarify. If any material changes are made to these terms we will notify you.
Spring Insure Europe Limited is regulated by the Central Bank of Ireland as an Insurance Intermediary registered under the European Union (Insurance Distribution) Regulations 2018 (IDR), Registration number C458624. The Central Bank holds a register of regulated firms which you can view on their website www.centralbank.ie or you can contact the Central Bank on 1890777777.
Our registered office is 2nd floor, Palmerston House, Denzille lane Dublin 2, D02 WD37
Spring Insure Europe Limited is subject to and complies with the Consumer Protection Code, Minimum competency code and the Fitness and Probity standards. These codes offer protection to consumers and can be found on the Central Bank of Ireland website.
As Insurance Intermediaries and a Managing General Agent we underwrite, arrange and enter into contracts of Insurance on behalf of regulated Insurers. A full list of Insurers and product producers which we deal with is available on request. We are not the Insurer. We hold a number of appointments with product producers/Insurers however we cannot take any responsibility for the failure or the financial security of Insurance Companies and Product Producers with which we place business.
Conflicts of interest
It is our policy to avoid situations where conflicts of interest arise. Should such a situation arise or could be perceived to arise we will declare it to you as soon as is practicable to do so.
Spring Insure respects and protects your privacy and collects, processes and controls your personal information in accordance with the Data Protection Acts and General Data Protection Regulation. We only ask for information that is relevant and we only keep data for specified, explicit and lawful purposes. Our full privacy statement is easily accessible on our website Privacy – Spring (springinsure.co.uk)
Remuneration and charges
We are remunerated by commission from the Insurance companies and product producers on behalf of which we underwrite and distribute. These are outlined in the table below:
|Line of Business||Commission payable to Spring|
We may also be remunerated by way of profit commission by certain insurers and product producers. These are variable and paid in arears several years after the close of the business year.
We may charge a policy fee in addition to any commission of €200.
We reserve the right to amend these fees should the complexity of the product and service require a higher fee, however we will advise you in advance
Please note that fees are separate to the commission we receive and fees are not offset against commission.
It is always our intention to provide you with quality service. However, should you have cause to complain, we recommend in the first instance that you contact the Insurance broker or intermediary who arranged your policy and may be able to resolve the issue promptly.
Should you remain dissatisfied you can address your concerns in writing to our Managing Director by one of the following methods:
By phone: +353 86 967 0106
By e-mail: Patrick.firstname.lastname@example.org
By post: 2nd floor Palmerston House, Denzille Lane, Dublin 2
Any complaint relating to Lloyd’s should be addressed to:
Tel: +32 (0)2 227 39 40.
By post: The Service Manager, Operations Team, Lloyd’s Insurance Company S.A., Bastion Tower, Marsveldplein 5,1050 Brussels, Belgium.
On receipt of your complaint Spring Insure or Lloyds will:
- Acknowledge Your complaint within 5 working days of its receipt.
- Keep You regularly informed about the progress of their investigation within each 20 working days.
- If Your complaint is not resolved within 40 working days You may contact the insurance company directly. Contact Details can be found in your policy wording.
Should you remain dissatisfied with the final response or if you have not received a final response within 40 (forty) business days of the complaint being made, you may be eligible to refer your complaint to:
Financial Services and Pensions Ombudsman
Lincoln House, Lincoln place, Dublin 2, D02 VH29
Phone: 01 567 7000
We are members of the Investor Compensation Scheme operated by the Investor Compensation Company Ltd
The Investor Compensation Act, 1998 provides for the establishment of a compensation scheme and the payment, in certain circumstances, of compensation to certain clients (known as eligible investors) of authorised investment firms, as defined in that Act. The Investor Compensation Company Ltd. (ICCL) was established under the 1998 Act to operate such a compensation scheme and our firm is a member of this scheme.
Compensation may be payable where money or investment instruments owed or belonging to clients and held, administered or managed by the firm cannot be returned to those clients for the time being and where there is no reasonably foreseeable opportunity of the firm being able to do so.
A right to compensation will arise only:
- If the client is an eligible investor as defined in the Act; and
- If it transpires that the firm is not in a position to return client money or investment instruments owned or belonging to the clients of the firm; and
- To the extent that the client’s loss is recognised for the purposes of the Act.
Where an entitlement to compensation is established, the compensation payable will be the lesser of:
- 90% of the amount of the client’s loss which is recognised for the purposes of the Investor Compensation Act, 1998; or
- Compensation of up to €20,000.
This document is effective from the 7th June 2022. We will issue this document to you electronically, but if you require a copy by post we are happy to send it to you.