How will I pay for the services? What commission/ fee do you get, and how is it calculated?

We have an open, honest fee structure and are committed to ensuring that you know the cost of any recommendation we may provide to you. The remuneration we receive can be all or any of the following. The specific amount of the remuneration will be disclosed in any Statement of Advice or upon request.

1. When we place insurance for you, we receive commission from your insurer. A vast majority of commissions are at the rate of 20% of base premium (excluding government charges ). Occasionally the commission will be less (as low as 0%), or higher (no more than 30%) depending on which insurer the business is placed with. If there is a refund or reduction of your premium as a result of a cancellation or alteration to a policy, or based on a term of your policy (such as a premium adjustment provision), we will retain the commission depending on our arrangements with the insurer, or charge you a cancellation fee equal to the reduction in our commission. 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.

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 charges included in that amount).

2. We may also charge a broker fee, which can vary depending on the services provided. The fee charged will be shown as a separate item on our invoice and in many cases may also be invoiced separately. If there is a refund or reduction of your premium as a result of a cancellation or alteration to a policy, or based on a term of your policy (such as a premium adjustment provision), we will retain the fee.

3. We may from time to time receive some form of material benefit from our insurer contacts. These may include administration support, commission over-ride, subsidies or performance bonuses and are described below. Any relevant specific benefits will be disclosed in any Statement of Advice or upon request.

4. If we arrange premium funding for you, we may be paid a commission by the premium funder. We may also charge you a fee . The commission that we are paid by the premium funder is usually calculated as a percentage of your insurance premium (excluding Government taxes, charges and levies ). If you instruct us to arrange or issue a general insurance product, this is when we become entitled to the commission. Our commission rates for premium funding are in the range of 0 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 available to you. The amount of our commission and any fee that we charge will be set out in the premium funding contract.

5. Referral arrangements: with respect of the Missions Interlink (MI) corporate travel policy only, the cover is created as a group policy exclusively for MI members. EAIS may provide a referral fee to MI for these policies. The amount will be shown in the invoice as an “admin fee”. MI can receive between $0-200 per policy depending on the size and savings achieved.

6. Our employees that will assist you with your insurance needs will be paid a market salary. They may receive a discretionary general bonus; however there is no commission or bonuses directly attached to individual or corporate sales.

7. 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 subject of the advice.

8. Please see below for information on the Steadfast association and commission.