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About this document
What you will find inside
This Financial Services Guide (‘FSG’) provides information about the services Atia Insurance Services Limited (Atia’, ‘we’, ‘us’) provides. It is designed to assist you in deciding whether to use any of those services and contains important information. It provides detail about your relationship with us including:
➢ The services we offer
➢ How we are paid for the services we provide
➢ How we handle any complaints
➢ Special considerations for ‘retail’ clients
➢ Our commitment to dealing responsibly with you
Under Australian Law we are required to provide some of this information to you. We have also included additional information as our aim is to provide you with quality products, superior service and advice.
How We Advise You
In most cases our advice is general (ie advice which does not take into account your specific objectives, financial situation or needs).
Alternatively, if we provide personal advice we need to understand you individual objectives, financial situation or needs. We will provide you with a Statement of Advice, (‘SoA’). The SoA includes the advice and information about fees, commissions, other benefits and any relevant associations we have with insurers or other parties which may have influenced the advice provided.
If we arrange insurance for you we will provide a copy of the Product Disclosure Statement, (‘PDS’) issued by the Insurer. The PDS contains information to help you decide if the insurance policy suits you, such as its features, benefits, exclusions and risks.
Products and Services
Atia holds an Australian Financial Services License and is authorised to deal and advise in general insurance products and provides services including:
➢ Directors & officers liability
➢ Domestic/Personal lines
➢ Employee Benefits
➢ Marine Cargo
➢ Marine Hull
➢ Media and Entertainment
➢ Motor Vehicle
➢ Professional Indemnity
➢ Property and Business Interruption
➢ Protection and Indemnity
➢ Tourism and Leisure
➢ Trade Credit
➢ Claims monitoring and support
➢ Premium Funding
➢ Risk Management/ Occupational Health and related services.
Atia – Working for you
We aim to provide the highest quality service. One or more advisers, who will be your primary point of contact, will be responsible for providing you with our services. Other employees will work to support your Atia adviser.
We first gather and analyse risk information about you to help establish your insurance requirements. Then we identify and approach markets to determine the most competitive insurance cover for you.
In providing our services we normally act for you. In some instances, we may act as agent of the insurer and not for you, Eg. Where we have an authority to affect an insurance policy under a binder, which means we can enter into the contract on the insurer’s behalf. In such cases we determine the premium within a range, then issue and sign the certificate of insurance on behalf of the insurer. We may also have authority to manage and settle claims up to a certain limit. We will advise you should this be the case.
Your invoice will show the amount of total premium, statutory charges plus any fees and the date on which they are payable. Payment terms are usually 21 days from invoice date and failure to pay on time may cause the insurance to become ineffective.
We will confirm in writing when your insurance arrangements are complete and forward the policy documents to you. Check these documents carefully to satisfy yourself they are in accordance with your instructions. If you have any concerns contact your Atia adviser.
If your circumstances change
You must notify us of any changes in your circumstances that may affect the cover under your insurance policy or the services to be provided by us and to ensure the insurance remains appropriate for your situation.
Our Remuneration: How we are paid for the services we provide.
Our main remuneration for arranging insurance on your behalf is commission paid to us by the insurer.
This is a percentage of the insurance premium paid by you before stamp duty, fire services levy, GST and any other government charges, taxes, fees or levies. It may vary between 0% and 30% depending on the insurer and the policy. We will advise you of the commission upon request. In some cases the Insurer may also charge you an administration fee when we finalise your cover, which will appear separately on your tax invoice.
We may also charge you a Broker Fee which will vary and will be shown on your tax invoice, in addition to any commission.
Commission and Broker Fees are earned for the policy period. We are entitled to retain all commission and fees covering the full policy period for policies placed by us on your behalf.
In addition to the above we may also receive other types of income or benefits as follows:
➢ Interest earned on premium banked into our trust account pending payment to insurer
➢ Interest earned on insurance monies passing through our account.
➢ Profit commission, profit share or volume bonuses paid by insurers on certain classes of insurance
➢ If we arrange premium funding, a commission paid by a premium funder general of between 0-4% of any funded premium.
Salaries, Commissions and Fees
Our staff receive an annual salary that can include a bonus based on business performance
In some cases another party may introduce you to us, in return for which we may share with them our commission or fees or pay them a referral fee
Relationship or Associations
From time to time we may receive some form of benefits from our relationships with insurers and other businesses such as premium funders. These benefits may include commissions, profit share or bonuses that have already been declared to you. We may also pay referral fees or share profits with parties who introduce business to us.
Information Concerning Our Retail Clients
This FSG is relevant to retail clients, defined by the Corporations Act 2001 as:
➢ Individuals, or small businesses that employ less than 20 people, or if manufacturing businesses, less than 100 people.
➢ Where our service or advice relates to one or more of these insurances: Motor Vehicle (includes Motorcycles however excludes CTP and motor vehicles with a carrying capacity in excess of 2 tonnes); Home building/contents; Sickness and accident; Consumer credit; Travel; Personal and domestic property; Medical indemnity or any other general insurance product prescribed by regulation.
Cooling Off Period
A minimum 14 day cooling off period may apply to retail clients from the date cover commences. During this time you may return the policy and receive a refund of the premium paid, less amounts lawfully deducted.
Check your policy when you receive it to be sure you have the cover that you require. If you have any questions about the cover or your cooling off rights contact your Atia adviser.
Confirming your Transaction
You may confirm any details about your insurance policies and transactions by contacting your Atia adviser by telephone or in writing. If necessary, we will obtain the information for you from the Insurer on your behalf.
Other important Information
➢ Keeping you up to Date
Over time Atia may offer you information about products and services which may be of interest to you. If you do not wish to receive this information, please contact your Atia adviser.
➢ Our Commitment to your Privacy
➢ Providing us with instructions
You may instruct us about your insurance matters by telephone, in person, by fax or email or any other method we agree with you.
➢Electronic delivery of disclosure notices
If you have provided your email address to us we will generally use that address for correspondence and to send disclosure notices including FSG’s and PDS’s including links to websites. Should you not wish to be sent disclosure documents electronically please tell us so we can update our records.
➢ If you have a complaint
If you have a complaint we will do our best to resolve it quickly. You can tell your Atia adviser or you can refer it directly to Atia’s Complaints Manager in writing. To help resolve your complaint effectively we may need to ask for comprehensive details from you.
If your complaint cannot be resolved to your satisfaction you can refer the matter to the Australian Financial Complaints Authority ('AFCA'), for independent resolution. AFCA is an external dispute resolution scheme that is free to consumers. AFCA's contact details are:
➢ Australian Financial Complaints Authority
GPO Box 3
Melbourne VIC 3001
Telephone: 1800 931 678
Compensation arrangement for clients
Atia and our employees are covered under a professional indemnity policy in accordance with the requirements of the Corporations Act.
This insurance (subject to its terms and conditions) will continue to cover claims in relation to our representatives/employees who no longer work for us (but who did at the time of the relevant conduct).
Where to find further information
You can find further information about Atia by either contacting your Atia adviser or on our website at www.atiais.com