Company Disclosure
Bay Insurance Brokers Ltd
Name of Financial Advice Provider: Bay Insurance Brokers Limited
Trading names: Bay Insurance
Telephone Number: 07 578 0739
Address: 273 Devonport Road, Tauranga 3110
Email address: info@bayinsurance.co.nz
Website: www.bayinsurance.co.nz
It is important that you read this information
It will help you, the client, make an informed decision on whether we, Bay Insurance Brokers Limited, and our advisers’ financial advice and products are suitable for your needs and whether to seek, follow or accept the financial advice. This Disclosure Statement is required under the Financial Markets Conduct (Regulated financial advice Disclosure) Amendment Regulations 2020.
Licenced Financial Advice Provider
We are licenced as a Financial Advice Provider by the Financial Market Authority of New Zealand (FMA) – Further detail on their website: https://www.fma.govt.nz/. The Financial Services Legislation Amendment Act 2019 requires Bay Insurance Brokers Limited to hold a current licence for our advisers to provide financial advice Services to our clients.
To view our licence, go to the Financial Service Providers Register https://fsp-register.companiesoffice.govt.nz/ and search our Financial Service Provider (FSP) number FSP20902.
As a Licenced Financial Advice Provider, we have Standard Conditions on our licence. These conditions are not specific to Bay Insurance Brokers Limited and do not limit or restrict any advice that may be given.
We do not have any additional specific conditions imposed upon our licence.
Nature and Scope of our Advice to you
Bay Insurance Brokers Limited and our advisers provide financial advice on Insurance Products for both Commercial and Domestic clients.
We work with the following Fire and General Insurers:
| 360 Underwriting Solutions Pty Ltd on behalf of AIG Insurance New Zealand Ltd | AIG Insurance New Zealand Ltd |
| Allianz Travel, underwritten by Mitsui Sumitomo Insurance Company, Limited | Ando Insurance Group Ltd on behalf of Certain Underwriters at Lloyds of London |
| Ando Insurance Group Ltd on behalf of The Hollard Insurance Company Pty Ltd | Chubb Insurance New Zealand Ltd |
| Classic Cover Insurance on behalf of Lumley a division of IAG New Zealand Ltd | Cover-More (NZ) Ltd on behalf of Zurich Australian Insurance Ltd |
| Delta Insurance New Zealand Ltd on behalf of Certain Underwriters at Lloyds of London | DUAL New Zealand Limited is an agent underwriting for and on behalf of certain underwriters at Lloyd’s |
| NZI & Lumley, divisions of IAG New Zealand Ltd | Nautilus Marine T/A Nautilus Marine Underwriting Agency as Underwriting agents for Zurich Australia |
| Protecsure on behalf of Chubb Insurance New Zealand Ltd | QBE Insurance (Australia) Ltd |
| Star Insurance on behalf of Berkshire Hathaway Specialty Insurance Company | Swann Insurance. A business division of IAG New Zealand Limited. |
| TLC Insurance on behalf of AIG Insurance New Zealand Ltd | The New India Assurance Company Limited |
| TLC Insurance on behalf of Vero Liability Insurance Ltd | UAA on behalf of QBE Insurance (Australia) Ltd |
| Vero Liability Insurance Ltd | Vero Insurance New Zealand Ltd |
| Velos Insurance Services Ltd on behalf of Certain Underwriters at Lloyds of London | Zurich Australian Insurance Ltd |
We work with the following Life and Personal Risk Insurers:
| AIA New Zealand Ltd | AMP (Resolution Life New Zealand Ltd) |
| Asteron Life Ltd | Chubb Life Insurance New Zealand Ltd |
| Fidelity Life Assurance Company Ltd | Partners Life Ltd |
| NIB NZ Insurance Ltd | Southern Cross Medical Care Society |
Our Insurance product providers are Insurance businesses in New Zealand that are licenced under the Reserve Bank under section 19 of the Insurance (Prudential Supervisor) Act 2010. The Insurers have a financial strength rating from an approved rating agency. To view the Insurer ratings, click on the link:
https://www.rbnz.govt.nz/regulation-and-supervision/insurers/licensing/register
Bay Insurance Brokers Limited recommends Insurance product providers who have a minimum financial strength rating of A- and above. When you receive a quote from us you will be supplied the current strength ratings for the product providers that we have quoted for. If you accept the financial advice, we will supply a current rating for the product provider that you have selected. If the only insurance solution available is with an Insurance Product Provider who has a financial strength rating of less than A-, we will advise you of this and ask you to confirm in writing you have received disclosure of the financial strength rating and consent to the insurance being arranged with that Insurer.
Limitations and Restrictions
Bay Insurance Brokers Limited is committed to providing our clients with good financial advice that is suitable for our client’s needs. We are able to provide advice and products for Fire and General Insurance as well as Life and Personal Risk Insurance.
Fees and Commission
We may charge clients fees for financial advice instead of, or in addition to, receiving commission from a product provider. We will disclose to you what the fee is before you accept any advice from us or our Advisers.
In respect of General Insurance Products, we will charge fees that are payable by you, the client, when our advice is followed, accepted and the insurance policy is purchased. The fees we charge are for our service, placement, implementation, and administration of the insurance policies that you choose to accept and purchase. Such fees will be disclosed to you at the time we provide our financial advice and will also be disclosed on our invoice(s). The total fees payable may increase with the number of insurance policies that you choose to purchase.
The fees are included in the total premium listed on the invoice and are payable by you by the date noted on the invoice.
Our Integrity
To ensure that we and our advisers prioritise your interests above our own, we follow an advice process that ensures recommendations are made based on your individual goals and circumstances. Our advisers complete annual and ongoing training about how to manage conflict of interests. We also perform an annual review of our compliance programme.
You should be aware there are potential conflicts of interest that you, the client, may need to take into consideration when you decide to seek and accept financial advice from us or our advisers. We aim to avoid any conflicts of interest that may arise, and we will make you aware of any possible conflicts when giving advice.
How we get paid for the Advice and Products we provide
Bay Insurance Brokers Limited and our Advisers do not receive any commission or other incentives for giving Financial Advice. Bay Insurance Brokers Limited and our advisers do receive commission when the client accepts our financial advice and purchases an insurance policy. The commission is paid by the Insurer (product provider’s) for the insurance business on each insurance policy that the client purchases. The commission paid to us and our Advisers varies depending on the type of insurance we arrange.
Fire and General Insurance
For Fire and General Insurance, commission can range between 0-30% of the insurer portion (total premium of the Insurance Policy less government levies and taxes). We receive the same level of commission when we renew the insurance on our client’s behalf.
Life and Personal Risk Insurance
For Life/Personal Risk Insurance, initial commission can range between 0-230% of the insurer’s first year’s premium when new insurance is arranged. Some, or all, of this initial commission is repaid to the insurer if the insurance is cancelled within 24 months of its inception. We receive trail commission between 0-35% at each anniversary of the insurance.
NZbrokers Management Limited
We are a member of NZbrokers Management Limited, who provides services such as IT, education, training, technical insurance product and claims support, and group member benefits to us. When a client accepts our financial advice as your adviser and purchases a policy, NZbrokers may receive a service fee or technology fee from the Product Provider.
Our Reliability
We have not been subject to any reliability events that would influence you, the client, in deciding whether to seek or obtain advice from us or our advisers.
How to make a Complaint
If you have a problem or concern, or you are dissatisfied with either a Product or Financial Advice Service that has been provided by us or our Advisers, and you require action to be taken, please contact us so that we can help and fix the issue. To make a Complaint please follow this link https://www.bayinsurance.co.nz/contact-us/feedback/ which will detail our Complaints Process and how to make a Complaint.
If a complaint is received by us, we will approach all complaints with an open mind, listen, and treat each complainant as an individual and with courtesy and respect. We will promptly acknowledge the complaint at the earliest possible opportunity and make every attempt to resolve your complaint in a timely manner, with staff escalating as necessary to Senior Management or our Complaints Manager.
You will receive a written decision, remedy, or resolution as soon as practicable after we have decided the outcome.
What to do if you are not satisfied after making a Complaint
If you feel your complaint is not resolved to your satisfaction using our complaints process, or you are unsatisfied with the response or resolution, you may refer your complaint to Financial Services Complaints Ltd (FSCL) – A Financial Ombudsman Service. FSCL is our independent external ombudsman and dispute resolution service that has been approved by the Minister of Consumer Affairs under the Financial Service Providers (Registration and Dispute Resolution) Act 2008. FSCL’s service is free of charge to you.
The following link will detail the process to make a complaint to Financial Services Complaints Limited:
http://www.fscl.org.nz/complaints/how-make-complaint
FSCL Contact Information
Telephone: 0800 347 257
Postal Address: P.O. Box 5967, Wellington 6145
Email: info@fscl.org.nz
Website: http://www.fscl.org.nz/
Our Duties
Bay Insurance, and anyone who gives financial advice on our behalf, have duties under the Financial Markets Conduct Act 2013 relating to the way that we give advice. We are required to:
- Give priority to your interests by taking all reasonable steps to make sure our advice isn’t materially influenced by our own interests
- Exercise care, diligence, and skill in providing you with advice
- Meet standards of competence, knowledge, and skill set by the Code of Professional Conduct for Financial Advice Services (these are designed to make sure that we have the expertise needed to provide you with advice)
- Meet standards of ethical behaviour, conduct, and client care set by the Code of Professional Conduct for Financial Advice Services (these are designed to make sure we treat you as we should and give you suitable advice)
This is only a summary of the duties that we have. More information is available by contacting us, or by visiting the Financial Markets Authority website at https://www.fma.govt.nz.
Our advisers must:
- Hold a Level 5 New Zealand Certificate in Financial Services (or equivalent qualification)
- Maintain competence, knowledge, and skills for giving Financial Advice by continuing professional development
- Listen to the client carefully to discover their needs
- Recommend products or services that meet the client needs and explain why
- Give clear and concise communication
- Protect clients’ information
Licence and Regulation
We are licenced and regulated by the Financial Markets Authority (FMA). You can report information about us to the Financial Markets Authority at: https://www.fma.govt.nz/contact/ or email questions@fma.govt.nz but if you want to complain you should use our dispute resolution procedures described under How to make a Complaint and What to do if you are not satisfied after making a complaint.