The Gazette 1990

GAZETTE

JULY/AUGUST 1990

me n t s c o n c e r n i ng

t he

Solicitors Financial Services Interim Report

claim. 4 . In dealing with insurers:

(a) o b s e r ve t he p r i v i l e g ed nature of the relationship between insurer and inter- mediary; (b) remit to the insurer pre- miums collected from the client in strict accordance with the terms agreed bet- ween the insurer and the intermediary. 5 . Ensure that all advertisements are legal, honest and truthful and comply with the Advertis- ing Standards Authority of Ireland general code on ad- vertising and the spec i f ic c o d es on advertising and illustrations agreed by the insurance industry. 6 . Ensure that the separate client bank ac coun ts required under Section 4 8 of the Insurance A c t , 1 9 89 are p r ope r ly maintained. 7 . Ensure that this Code of Conduct is displayed in a prominent position in the public area of all his business premises. Approved by the Depart- ment of Industry and Com- merce

The Facts: 1.

Membership - 2 54 Firms.•

2 . 3 .

Number of enquiries dealt with - 1,365.

Total commi s s i on generated £ 4 4 0 , 0 0 0. The above is a thumbnail sketch of our position on our first birthday. After a s omewhat slow start we are now pleased to report that many firms of Solicitors are availing fully of the S c h eme and are generating substantial income for themselves. Regrettably that is not true of all Members. Many still believe that business will be self generating. Th is is not so. The Solicitors successfully participating in the S c h eme are those who have taken the opportunities available to them to sell the products to their clients and have reaped the rewards accordingly. The Comp a n y 's subscription year ends in September next so we hope that if you have not used the service already, or not enough, you should get value before the end of September. F R A NK DALY Chairman, Solicitors' Financial Services. Insurance Act 1989 Code of Conduct for Insurance Intermediaries Status of Intermediary: of i n s u r an ce

p r opo s a ls drawing his attention to the necessity of full dis- closure of all relevant facts and explaining the conse- quences of non-disclosure; (e) ensure that any contract of insurance recommended to a client is in the best interest of the client and disclose any potential con- flicts of interest to the client and the insurer; (f) furnish the contract of in- surance and all documen- tation relating thereto to the client forthwith on re- ceipt thereof from the insurer; (g) not impose any charge on the client in addition to the insurance premium with- out disclosing the amount of s u ch charge; (h) where notification of a claim is accepted from a client inform the insurer, without delay, thereof and advise the client promptly of the insurer's require-

C OMP A NY SECRE T AR I AL CON S U L T ANT

A n Insurance Intermediary shall: 1. Act with the utmost good faith and to the highest standards of professional integrity in his dealings with clients, insurers, fellow insurance intermediaries and members of the public. 2 . Ob s e r ve all statutory and other legal requirements. 3 . Ensure that the interests of the client are paramount and in particular: (a) ensure that the advice given in relation to pro- po s ed c on t r a c ts of in- surance is appropriate to the needs and full re- sources of the client; (b) ensure that the client is given promptly information as to the suitability, s cope and limitations of any insurance contract under negotiation; (c) recognise the privileged nature of the relationship with the client; (d) assist the client, where re- quested, in the completion

PETER H. QUINLAN

MBA, AITA

OFFERS

A COMPLETE COMPANY SERVICE

Advice on Corporate Procedures Drafting of Resolutions and Minutes Arrangement of Company Meetings Searches and Updates of Company Records Filing Returns and Other Compliance

67 L A N S D OWNE ROAD DUB L IN 4 Tel.: (01) 684245

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