FSG

Financial Services Guide (FSG)

This is an important document. Please read it carefully and keep it in a safe place.This FSG (valid from 09-Aug-12) is designed to assist you in deciding whether to use any of the services outlined in it and replaces any previous FSG issued to you by us.

NAS Insurance Brokers holds an Australian Financial Services Licence under the Corporations Act 2001 to provide financial product advice on, and deal in, general insurance products. We are a member of the National Insurance Brokers Association (NIBA) as well as the Steadfast Group Limited (Steadfast). We subscribe to the General Insurance Brokers’ Code of Practice.

Receiving Instructions

We are able to receive your instructions personally or by phone, fax, email or letter.

Professional Indemnity (PI) Insurance Cover

iLink Insurance Brokers Pty Ltd confirms that it has arrangements in place to ensure it continues to maintain Professional Indemnity (PI) insurance in accordance with s.912B of the Corporations Act 2001 (as amended). In particular our PI insurance, subject to its terms and conditions, provides indemnity for iLink Insurance Brokers Pty Ltd, our staff and our authorised representatives in respect of our authorisations and obligations under our AFSL. This insurance will continue to provide such coverage for any employee or authorised representative who has ceased work with iLink Insurance Brokers Pty Ltd for work done whilst engaged with us.

Relationships, Associations, Referrals

There are no specific relationships, associations or referrals existing which have influenced the provision of any product. NAS Insurance Brokers is a wholly owned subsidiary of Insurance Australia Limited.

Cancellation And Refunds

In the event of a refund for the cancellation or adjustment of a policy, we reserve the right to retain any fee we have charged you as well as commission received from the insurer, as we deem that these were earned at inception.

Privacy Policy

The privacy of your personal information is important to us. We collect personal information to ensure that we are able to provide you with the products and services most appropriate to your needs.

We have adopted the principles set out in the Privacy Act 1988 as part of our continuing commitment to client service and maintenance of client confidentiality. For further details, please refer to our Privacy Policy on www.nasinsurance.com.au or contact iLink Insurance Brokers Pty Ltd.

Financial Services And Products We Are Authorised To Provide

A range of products for retail clients including but not limited to:
Motor Vehicle, Home Building, Home Contents, Sickness and Accident, Marine Hull, Travel.

A range of products for commercial clients including but not limited to:
Commercial Insurance, Liability, Professional Indemnity, Directors & Officers, Tax Audit, Marine Transit and Marine Cargo, Motor Fleet and Workers Compensation.

Remuneration

Generally we are paid a commission by the insurer for arranging the policy. Commission is a percentage of the premium less stamp duty, fire services levy, GST and any other government charges, taxes, fees or levies. The commission rate depends on the policy and insurer; it generally is in the range from 0% – 25% but some products may attract up to 40%.

We may also charge you a fee to cover our administration costs as well as receiving commission from the insurer.

We may elect to charge you a Fee for Service instead of receiving commission from the insurer. Fees for Service are based on the complexity of the advice given, arranging and placing the recommended program and other services which we may agree upon.

In addition to the above we may receive commission from a premium funder if we arrange this service on your behalf. Premium funding products enable you to pay your premiums by instalments. Premium funders do charge interest. The commission we receive is usually calculated as a percentage of the premium and may be up to 3%. NAS Insurance Brokers and their authorised representatives may receive an override commission from premium funding organisations.

iLink Insurance Brokers Pty Ltd may also receive a portion of an overrider from various insurance companies as provided by NAS’ membership of Steadfast.

Where a third party has referred you to us, we may share part of our fee with them or pay an agreed referral rate. We will pay the third party out of our commission or fees and not in addition to those amounts. iLink Insurance Brokers Pty Ltd will provide a Statement of Advice or a Remuneration Report which will provide the dollar amounts paid to the third party.

NAS receives standard bank interest from its trust account funds from monies collected from you and remitted to insurers. Any interest shall be entirely to our benefit.

What Should I Do If I Have A Complaint?

If you have any complaints about the service provided to you, you should take the following steps:

  • Contact us and tell us about your complaint.
  • If your complaint is not satisfactorily resolved within 24 hours, please contact our Complaints Officer on telephone number (08) 9480 8900 or put your complaint in writing and send it to NAS Insurance Brokers at Unit 3, 45 Ord Street, West Perth WA 6005.
  • If the complaint can’t be resolved to your satisfaction within 21 days, you have the right to refer the matter to Financial Ombudsman Service (FOS). They can be contacted on 1300 780 808 or you can write to them at GPO Box 3, Melbourne VIC 3001, or email on info@fos.org.au.

Terms Of Business

By choosing to place your general insurance policy through iLink Insurance Brokers Pty Ltd, an Authorised Representative of NAS Insurance Brokers, you become a client of NAS Insurance Brokers.

By accepting a quotation and instructing iLink Insurance Brokers Pty Ltd to arrange a policy for you, you are appointing iLink Insurance Brokers Pty Ltd, an Authorised Representative of NAS, as your broker and agree to the following terms of business.1

1. Deemed Understanding/Acceptance

You have received a copy of this notice because you are a client of NAS Insurance Brokers. It is deemed that you have read, understood and accepted these terms of business unless arrangements to the contrary have been made with the directors of NAS Insurance Brokers.

2. Duty of Disclosure
You have a duty of disclosure whenever you apply for, change or renew an insurance policy and you must ensure that you read and comply with the duty contained in application forms, proposal forms, invoices and renewal forms.

3. Completion of insurance forms
You understand that all documents relating to insurance contracts should be completed in your own handwriting, however at times this may be done by NAS Insurance Brokers with your consent. It is your responsibility to ensure that all answers and details disclosed are true and correct. You discharge NAS Insurance Brokers of all and/or any liability in this regard.

4. Payment
You agree to pay the total premium (insurer’s risk premium and fee, government duties and broker fee) on any insurance policy effected by NAS Insurance Brokers with your authority, within the payment terms stated on the invoice from NAS Insurance Brokers. NAS Insurance Brokers will charge a fee for credit card and BPay transactions. You agree that NAS Insurance Brokers may use any claim monies for outstanding premiums as required. You agree that Brokerage and/or Administration Fee (broker’s/representative’s income) on any insurance policy transacted with your authority are non-refundable. You acknowledge that the Brokerage and/or Administration Fee are owed if the dealing is incomplete by your fault, however if by other cause such as the insurer then the Brokerage and/or Administration Fee will be proportionate to the work involved.

5. Client Representation
The services provided by NAS Insurance Brokers to you extend to registering claims and to representing the insured in correspondence between the insured and the insurer and where possible to reinstate cover.

6. Protracted Dealings
Where the provision of an insurance service involves excessive time being allocated to providing that service NAS Insurance Brokers may, subject to agreement between the parties, charge a fee for the service.

7. Renewals
Unless otherwise agreed in writing prior to the expiry date NAS Insurance Brokers at its discretion may renew each policy of a renewable nature for its usual term.

8. Referral Fees
NAS Insurance Brokers has a network of Accredited Introducers and therefore declare in accordance with the “secret commissions legislation” that they may in certain circumstances receive a portion of our income for your introduction likewise we may seek some referral income if we refer you to another business.

9. Termination
Either party may terminate this appointment by written notice of not less than 30 days to the other. Such notice is to include the reason for the termination together with an opportunity to redress if requested.

Contact our experienced advisors to obtain a quotation or further information.