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 InstructionsWe are able to receive your instructions personally or by phone, fax, email or letter.
Professional Indemnity (PI) Insurance CoverDalal Accountants Pty. ltd. Trading as Dalal Insurance 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 Dalal Accountants Pty. ltd. Trading as Dalal Insurance, 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 Dalal Accountants Pty. ltd. Trading as Dalal Insurance for work done whilst engaged with us.
Relationships, Associations, ReferralsThere 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 RefundsIn 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.
Financial Services And Products We Are Authorised To ProvideA 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.
RemunerationGenerally 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. Dalal Accountants Pty. ltd. Trading as Dalal Insurance 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. Dalal Accountants Pty. ltd. Trading as Dalal Insurance 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 Ground Floor, 1 Campbell 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 [email protected]
Terms Of BusinessBy choosing to place your general insurance policy through Dalal Accountants Pty. ltd. Trading as Dalal Insurance, an Authorised Representative of NAS Insurance Brokers, you become a client of NAS Insurance Brokers. By accepting a quotation and instructing Dalal Accountants Pty. ltd. Trading as Dalal Insurance to arrange a policy for you, you are appointing Dalal Accountants Pty. ltd. Trading as Dalal Insurance, an Authorised Representative of NAS, as your broker and agree to the following terms of business
- 1. Deemed Understanding/Acceptance
- 2. Duty of Disclosure
- 3. Completion of insurance forms
- 4. Payment
- 5. Client Representation
- 6. Protracted Dealings
- 7. Renewals
- 8. Referral Fees
- 9. Termination