How are any commissions, fees or other benefits calculated for providing the financial services?
Our commission will be calculated based on the following formula:
X = Y% X P
In this formula:
X = our commission
Y% = the percentage commission paid to us by the insurer. Our commission varies between 0 and 30%.
P = the amount you pay for any insurance policy (less any government fees or charges included in that amount).
Any fees that we charge you will be based on the professional adviceand service provided.
We do not often pay any commissions, fees or benefits to others who refer you to us or refer us to an insurer. If we do, we will pay commissions to those people out of our commission or fees (not in addition to those amounts), in the range of 20 to 50% of our commission or fees.
If we arrange insurance products through Miramar Underwriting Agency Pty Limited (Miramar), we may qualify for reward points under the Miramar rewards program. The number of points we earn will depend on the premium paid to Miramar for the insurance products we arrange with them, subject to a minimum threshold. The points may be redeemed for certain goods or flights.
Our employees that will assist you with your insurance needs will be paid a market salary.
How will I pay for the services provided?
For each insurance product the insurer will charge a premium that includes any relevant taxes, charges and levies. We often receive a payment based on a percentage of this premium (excluding relevant taxes, charges and levies) called commission, which is paid to us by the insurers. However, in some cases we will also charge you a fee which will be shown on the invoice that we send you. You can choose to pay by any of the payment methods set out in the invoice. You are required to pay us within the time set out on the invoice.
If there is a refund of premium owed to you as a result of a cancellation or alteration to a policy, we will retain any fee we have charged you. We may also retain commission depending on our arrangements with the insurer.
When you pay us your premium it will be banked into our trust account. We retain the commission from the premium you pay us and remit the balance to the insurer in accordance with our arrangements with the insurer. We will earn interest on the premium while it is in our trust account or we may invest the premium and earn a return. We will retain any interest or return on investment earned on the premium.
IF WE GIVE YOU PERSONAL ADVICE, WE WILL INFORM YOU OF ANY FEES, COMMISSION OR OTHER PAYMENTS WE, OUR ASSOCIATES OR ANYONE REFERRING YOU TO US (OR US TO ANY INSURER) WILL RECEIVE IN RELATION TO THE POLICIES THAT ARE THE SUBJECT OF THE ADVICE.