Rubber Ring’s Introducer Appointed Representative (IAR) Contract 2024

This is our standard IAR Contract to be used in conjunction with an Insurance Partnership Agreement.

Contract for an Introducer Appointed Representative (IAR)

  1. We are providing you with an agency for the introduction of customers in connection with General Insurance Products effective from the date you appear on the FCA register.
  2. Your role as an Introducer Appointed Representative is limited to effecting introductions and distributing the marketing material provided by us. Your status as our Introducer Appointed Representative must be clearly displayed on all marketing material (including websites) This means you may pass to us a customer’s name, address and contact details and when best to contact them, but you may not obtain details of the risk or undertake any other regulated activity, including fact-finding, issuing illustrations or quotations, explaining insurance cover or advising clients.
  3. Only marketing material provided by us, containing the FCA required status disclosure information, may be displayed or given to potential customers.
  4. You shall indemnify us if we suffer any loss because of your breaching this agreement.
  5. You must tell us immediately if you want to become either an Introducer Appointed Representative or an Appointed Representative of any other firm. You must not enter into any agreement with any other regulated firm to introduce business to them without our express permission in advance and in writing. Failure to obey this instruction will be a material breach of the agreement and you will forfeit any benefit due under this contract.
  6. Authority

  7. You may not introduce business until you appear on the Financial Services Register as our Introducer Appointed Representative. Only then may you actively distribute and promote our leaflets/marketing material, display our leaflets/marketing material, forward customer’s details to us and forward our details to customers.
  8. Once the party is introduced to us, we will correspond with the client and deal with the selling of policies, any subsequent policy amendments, the seeking of renewals, the assistance with claims, and the providing insurance advice. We undertake these activities as the principal, and you are not permitted to operate in these areas.
  9. Our Responsibility

  10. We accept responsibility only for your actions conducted with our authority that meet the conditions of this contract. We do not accept any responsibility for regulated activity (or activity that would be regulated if not exempt) that is carried on in breach or beyond the scope of this contract. For the avoidance of doubt, we take no responsibility if you advise customers or promote us in any way except using market materials supplied by us.
  11. We take no responsibility if you fail obtain prior approval for every webpage, document or email that refer to us or the services we offer.
  12. We take no responsibility if you take part, or attempt to take part in any transactions with any prospective or existing client that go beyond introducing and or advertising as set out in this contract.
  13. This includes collecting details of risk; or proposal or application forms, or obtaining information beyond name address and contact details and the generic type of insurance required, handling renewals, collecting premium or bank details or any involvement in claims.
  14. Right To audit

  15. You agree to fully cooperate with the FCA and/or us if called upon to do so. This includes allowing us/them the right to audit your accounts, processes and records and grants us/them the right of entry to your premises.
  16. Notification Requirements

  17. At appointment and thereafter, all information you supply us must be true and accurate. This relates to information relating to your Directors and Controllers and of all matters that might affect your fitness and propriety to function as our IAR. Such information shall include but is not limited to details of financial solvency, reputation, honesty and integrity.
  18. You must additionally inform us of any pending or potential legal action taken against you now or in the future and of any Court Orders, criminal proceedings, County Court Judgements or alleged regulatory breaches under FSMA, The Data Protection Act, The Bribery Act or any other relevant Act.
  19. Cancellation

  20. We have the right to cancel the agreement with immediate effect if you breach the terms of this agreement or are otherwise found to be unsuitable.
  21. If we cancel under this clause, it will be subject to written notice and the conclusion of any outstanding business. Under these circumstances, we will inform the client(s), any other Principal (and where necessary the FCA) of the cancellation.
  22. To terminate this Agreement, in any other way either party is required to provide the other party 3months written notice. In this event, our marketing material must be returned and references to us removed from web pages.
  23. General Data Protection Regulation

  24. For the purposes of this contract, it is assumed that that each party will act independently as a data controller in respect of any customer or other information passed to them from the other.
  25. Should the facts determine that either party acts as processor to the other, they shall do so only on the written instructions of the other party and in accordance with the requirements of current data protection regulation and the GDPR.
  26. You will not pass any data we supply to you to any third party, including a sub-processor, without our prior written consent.
  27. Both Parties to this agreement agree to cooperate in respect of any data breach or request by a data subject to exercise their rights as detailed below: -
  28. Each party in contact with customers shall, where necessary, at the time of the first communication provide them with:
    • details of the contact details of the person at their firm responsible for the oversight of data protection and how to make a complaint
    • The purposes of the processing and the legal basis for doing so, and details concerning data retention
    • The categories of personal data and the recipients (if any)
    • Whether data will be transferred to a third country, and if so the relevant arrangements for its protection
    • The rights of customers and how to exercise them
  29. You must ensure any data you pass to us has been gathered or collected in accordance with the provisions of the DPA, GDPR and the guidance supplied by ICO, which shall include obtaining informed consent from the client where necessary and that you have a legal basis for processing data.
  30. Subject to the above clauses, we may share personal data relating to you or your client(s) with our business partners for the purposes of administration or the handling and facilitating of claims.