Relations and Associations
You can provide us with instructions in person, by telephone, fax, email or in writing.
Do you have any relationships or associations with the insurers who issue the insurance policies or any other material relationships?
City Rural Insurance Brokers Pty Ltd is a shareholder of Steadfast Group Limited (Steadfast). Steadfast has exclusive arrangements with some insurers under which Steadfast will receive between 0.5 – 1% commission for each product arranged by us with those insurers. These payments are used to operate Steadfast.
Depending on the operating costs of Steadfast (including the costs of member services provided by Steadfast to us and other Steadfast shareholders) and the amount of total business we place with the participating insurers in any financial year, we may receive a proportion of that commission at the end of each financial year.
As a shareholder of Steadfast we have access to member services including model operating and compliance tools, procedures, manuals and training, legal, technical, banking and recruitment advice and assistance, group insurance arrangements, product comparison and placement support, claims support and group purchasing arrangements. These member services are either funded by Steadfast, subsidised by Steadfast or available exclusively to shareholders for a fee.
Steadfast is also a shareholder of Miramar Underwriting Agency Pty Limited (Miramar). As a shareholder, Steadfast may receive dividends from Miramar. These amounts will indirectly contribute towards the benefits we receive from Steadfast.
Steadfast has a shareholding in Macquarie Premium Funding. If we arrange premium funding with Macquarie Premium Funding for you, under its agreement with Macquarie Premium Funding, Steadfast will receive 0.5% of your insurance premium (including government fees or charges). As an equity shareholder of Macquarie Premium Funding, Steadfast may also receive dividends from profits of Macquarie Premium Funding. The amount of the Steadfast dividend is based on the share of profit attributable to funding arranged by Steadfast shareholders. The payments (commission and dividends) that Steadfast receives from Macquarie Premium Funding are used to operate Steadfast. Depending on the operating costs of Steadfast and the amount of total business we place with Macquarie Premium Funding in any financial year, we may receive a portion of those amounts at the end of each financial year.
You can obtain a copy of Steadfast’s FSG at www.steadfast.com.au
If we arrange premium funding for you we may be paid a commission by the premium funder. We may also charge you a fee (or both). The commission that we are paid by the premium funder is usually calculated as a percentage of your insurance premium (including government fees or charges). If you instruct us to arrange or issue a product, this is when we become entitled to the commission. Our commission rates for premium funding are in the range of 0.5 to 2% of funded premium. When we arrange premium funding for you, you can ask us what commission rates we are paid for that funding arrangement compared to the other arrangements that were available to you.
Profit Share Remuneration
For some products we arrange we may also be remunerated by the insurer under a profit share arrangement with that insurer. This means that we may receive an amount of remuneration depending on the profitability of the products we arrange with that insurer. Profitability is calculated by reference to the premium for the products and the operational and claims costs of the insurer. Under a profit share arrangement we will only receive remuneration if a particular class of products achieves the profitability level pre-determined under the arrangement. The profitability level required is set by the insurer on an annual basis. If the portfolio does not achieve the required level then we will not receive the profit share. Profit share is calculated annually and is payable annually.
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City Rural Insurance Brokers Pty Ltd.
Australian Financial Services Licence No 237491
ABN: 52 074 444 296