The Gazette 1990

GAZETTE

JULY/AUGUST 1990

Solicitors Financial Services

Interim Report

The Facts:

Membership - 2 54 Firms.•

2 .

Number of enquiries dealt with - 1,365.

3 .

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:

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;

nature of the relationship

with the client;

(d) assist the client, where re-

quested, in the completion

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-

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

t he

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

C OMP A NY

SECRE T AR I AL

CON S U L T ANT

PETER H. QUINLAN

MBA, AITA

OFFERS

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

220