Terms of Business
These are the Terms of Business of The Local Insurance Network DAC trading as (t/a) Local Insurance
Registered Address: Local Insurance, 3 Lincoln Place, Dublin 2. D02 RH95
The Local Insurance Network DAC t/a Local Insurance.
These Terms of Business set out the general terms under which our firm will provide business services to you as a Tied insurance Intermediary of Acorn Brokerage Limited. Please ensure that you read these terms thoroughly and if you have any queries, we will be happy to clarify them. If any material changes are made to these terms, we will notify you.
Authorisation with the Central Bank of Ireland
The Local Insurance Network DAC t/a Local Insurance (Central Bank Ref C494272) is regulated by the Central Bank of Ireland as a tied insurance intermediary registered under the European Union (Insurance Distribution) Regulations 2018. Local Insurance is a tied insurance intermediary of Acorn Brokerage Limited. Acorn Brokerage Limited trading as Acorn Insurance is regulated by the Central Bank of Ireland.
Copies of our regulatory authorisations and Acorn Brokerage authorisations are available on request. The Central Bank of Ireland holds registers of regulated firms. You may contact the Central Bank of Ireland on 0818 681 681 or alternatively visit their website at www.centralbank.ie to verify our credentials.
Codes of Conduct
Local Insurance is subject to the Consumer Protection Code, Minimum Competency Code and Fitness & Probity Standards which offer protection to consumers. These Codes can be found on the Central Bank’s website www.centralbank.ie
As a tied insurance intermediary of Acorn Brokerage Limited, Local Insurance provide access to Acorn Insurances range of products and services. A full list of insurers, product producers with which Acorn Insurance deal with is available on request.
Remuneration & Charges
Local Insurance is remunerated by commission from Acorn Insurance on completion of a new policy and at renewal. Acorn Insurance may also apply a charge at outset, during the term, and at renewal to cover the cost of setting up and administering your policy. A summary of these charges is available in Acorn Insurance Terms of Business, on their website www.acorninsurance.ie.
Conflicts of interest
It is the policy of our firm to avoid conflicts of interest in providing services to you. However, where an unavoidable conflict of interest arises, we will advise you of this in writing before providing you with any service. A full copy of our conflicts of interest policy is available on request.
Acorn Insurance handle complaints on behalf of Local Insurance. If you have a complaint in relation to the provision of our services, you can make a complaint either verbally or in writing directly to Acorn Insurance. Acorn Insurance is committed in handling complaints speedily, efficiently, and fairly. Your complaint will acknowledge in writing within 5 business days, and you will receive an update on the complaint at intervals of not greater than 20 business days starting from the date on which the complaint is made. On completion of their investigation, Acorn Insurance will provide you with a written report of the outcome. If you are still dissatisfied with the handling of or response to your complaint, you are entitled to refer the matter to the Financial Services and Pensions Ombudsman (FSPO).
We are subject to the requirements of the General Data Protection Regulation 2018 and the Irish Data Protection Act 2018. Local Insurance is committed to protecting and respecting your privacy. We wish to be transparent on how we process your data and show you that we are accountable with the GDPR in relation to not only processing your data but ensuring you understand your rights as a client. The data will be processed only in ways compatible with the purposes for which it was given and as outlined in our Data Privacy Notice, which will be given to all clients at the time of data collection. We will ensure that this Privacy Notice is easily assessable. Please refer to our website www.localinsurance.ie if this medium is not suitable, we will ensure you can easily receive a copy by hard copy of this Privacy Statement. Please contact Acorn Insurance at firstname.lastname@example.org if you have any concerns about your personal data.
We are members of the Investor Compensation Scheme operated by the Investor Compensation Company Ltd. See below for details.
Investor Compensation Scheme
The Investor Compensation Act, 1998 provides for the establishment of a compensation scheme and the payment, in certain circumstances, of compensation to certain clients (known as eligible investors) of authorised investment firms, as defined in that Act.
The Investor Compensation Company Ltd. (ICCL) was established under the 1998 Act to operate such a compensation scheme and our firm is a member of this scheme.
Compensation may be payable where money or investment instruments owed or belonging to clients and held, administered, or managed by the firm cannot be returned to those clients for the time being and where there is no reasonably foreseeable opportunity of the firm being able to do so. A right to compensation will arise only:
- If the client is an eligible investor as defined in the Act; and
- If it transpires that the firm is not able to return client money or investment instruments owned or belonging to the clients of the firm; and
- To the extent that the client’s loss is recognised for the purposes of the Act.
Where an entitlement to compensation is established, the compensation payable will be the lesser of:
- 90% of the amount of the client’s loss which is recognised for the purposes of the Investor Compensation Act, 1998; or
- Compensation of up to €20,000.
For further information, contact the Investor Compensation Company Ltd. at 01-224 4955.