FSG
This guide contains important information about:
- The services we offer you in respect of General and Life Insurance Products
- How we and other entities are paid in relation to those services
- Any potential conflicts of interest we may have
- Our internal and external dispute resolution procedures and how you can access them.
The purpose of this guide to assist you in deciding whether to use any of the services we offer.
Our Authorisations:
Insurance Solution Geelong Pty Ltd is authorised to advise in relation to and to deal in:
- General insurance products
- Life risk insurance products
Product Disclosure Statement:
If we recommend that you acquire a particular financial product, or we offer to issue or arrange to issue you with a financial product, we will provide you with a Product Disclosure Statement (PDS) containing information about that product.
This will enable you to make an informed decision about the acquisition of that product.
It contains important information about:
Significant benefits and risks associated with the product.
What dispute resolution procedures are available.
The purpose of the Product Disclosure Statement is to assist you to decide whether to acquire the financial product.
Statement of Advice:
You are entitled to receive a Statement of Advice (SOA) whenever we provide you with any personal advice, which takes into account one or more of your objectives, financial situation or needs. The SOA will contain our advice, the basis on which it is given and information about the amount or description of fees, commissions, other benefits and any associations that may have influenced the giving of our advice.
The purpose of the Statement of Advice is to assist you in understanding and deciding whether to act on the advice we provide.
Provision of General Insurance Services
When providing services we act on your behalf only.
We have no binder agreement with insurance companies.
We may be paid commission by the insurer for arranging the policy which is based on a percentage of the premium less stamp duty, fire services levy, GST and any other government charges, taxes, fees or levies. The rate of commission depends on the policy and may range from 0%-22.5%. The commission is included in the premium charged and covers various expenses we incur in arranging, processing, managing and servicing the insurance, as well as a profit component. We retain the commission from the premium you pay us and remit the balance to the insurer. We also receive commission on each renewal and some amendments to your policy, within the percentage range above. These commissions are also included in the premiums charged.
We have no profit sharing arrangements with insurers, and our commission does not vary based on volume of business or profitability of business placed with any insurance company.
We may charge you a broker fee in addition to the commission for the placement of your policy. This fee will appear separately on our tax invoice. A surcharge may apply to all Credit Card payments. The nominated surcharge will be displayed on your Invoice.
Provision of Life Risk Insurance Products
When providing Life Risk Insurances we are acting on your behalf.
We may be paid commission in the following ways.
In relation to Life Insurance, we may be paid by an insurer for arranging, processing and servicing a new policy in one of two ways.
1.We will receive an upfront commission ranging from 0% - 85% of the first years premium. Thereafter, we receive a renewal commission of between 0% and 10% upon the annual renewal of the policy.
The commission paid to us does not alter the premium charged by the insurer.
Our commission will be paid by the Life Insurance Company after it has received its premium payment.
Terms of payment
We provide you with an invoice which will advise you of the gross premium, including statutory charges (eg stamp duty, fire services levy, gst etc) and any fees we charge or commission we receive for arranging your insurances. You must pay us within the credit term outlined on your invoice.
Monthly Instalments
Some companies provide monthly instalments at no extra charge. Where available we will advise you of this option.
Where monthly instalments are not provided by the insurance company, we can arrange a Premium Funding Payment Plan.
Premium funding enables you to pay your premiums by instalments. Although they do not usually require any security, premium funders do charge interest. Premium funding is only available to certain classes of insurance and we recommend you contact our office for further information on these classes. We can arrange premium funding on your behalf if you require it. We will receive a commission of 2% of the premium funded for doing so.
NOTE: Monthly Instalments should not remain outstanding by more then 14 days otherwise you may lose your right to claim. If you have difficulty meeting your instalments please contact us or the premium funder.
Should any instalment default the premium funding provider will charge a default fee.
Insurance Solutions Geelong Pty Ltd employees receive an annual salary does not include bonuses based on performance criteria. They may receive indirect benefits such as tickets to sporting and cultural events, subsidies for training, corporate merchandise, and other unquantifiable benefits.
If we hold money from you on trust (i.e. to pay a premium), any interest earned on that money while we hold it is retained by Insurance Solutions Geelong P/L.
When another party introduces us to you, we may in return share with them a proportion of our remuneration. When that happens and we give you personal advice, details of any remuneration made to the third party will be disclosed in the Statement of Advice which you will receive.
We are entitled to retain our remuneration, in the event of a refund for the cancellation or adjustment/amendment of a policy.
We do not have any relationships or associations with any financial institution, such as an Insurance Company or Banks, which might influence the provision of our financial services, other than those from which we may receive remuneration or benefits already declared to you.
You can provide us with instructions and tell us how you wish us to arrange your insurances, by telephone, fax, e-mail, mail or in person. However for security reasons, cancellation or lapse requests are always required in writing stating a date from which it is required to be effected.
Privacy
We are committed to protecting your privacy. We use the information you provide to advise about and assist with your insurance needs. We only provide your information to the insurance companies or their representatives for the purpose of obtaining quotations and covering ongoing insurance issues/matters. We do not trade, rent or sell your information. You can check the information we hold about you at any time. For more information about our Privacy Policy, ask us for a copy or visit our website at www.insurancesolutionsgeelong.com.au
Complaints Procedure
We have an internal dispute resolution procedures. Any concern and/or complaint can be expressed, in the first instance, to your service provider or alternatively, addressed directly to our Complaints Officer. We will need you to provide us with comprehensive details so as to enable us to investigate your complaint further. All information will be treated in the strictest confidence.
As required under law, we belong to an external dispute resolution scheme. We are a member of the Insurance Brokers Disputes Limited (IBD Ltd) – which is a free consumer services for resolution of disputes in relation to general & life risk insurance products provided by insurance brokers. If you are not satisfied with our responses you are free at any time to contact IBD direct with any concern and/or complaint. The contact number is as 1300 780 808.
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Insurance Solutions Geelong Pty. Ltd.
Phone : (03) 5229 0061 Fax : (03) 5221 2334
ABN: 76 072 118 499 AFSL no. 243289
enquiries@insurancesolutionsgeelong.com.au