TERMS OF ENGAGEMENT
Health Management Insurance Services Limited is a privately 100% New Zealand owned insurance and risk advisory firm specialising in travel insurance and overseas risk protection. In addition to travel insurance; this encompasses medical evacuation, crisis response and expatriate insurance. If other classes of insurance are required we have relationships with other providers to deal with such aspects.
• Financial Services Provider: Our FSP number is 303446
• Registered Financial Advisers: Our staff are all registered financial advisers and can give advice about general insurance but because they are not designated Authorised Financial Advisers they are not able to give advice about investment linked insurance contracts.
• Remuneration: Our remuneration is provided by the insurer we arrange an insurance contract for you; this includes renewals and variations. The rate of remuneration may vary between insurers. If we charge a fee we will disclose this to you at the time of finalising arrangement. If we arrange a premium funding loan to pay a premium we may earn remuneration for doing so.
• Privacy: We are committed to protecting your privacy. We use the information you provide to advise about and assist with your insurance requirements. We only provide information to the insurers (and their representatives) whom we recommend or who you may choose to deal with. We do not trade, rent or sell your information. You can check the information we hold about you at any time.
• Underwriting Information and Duty of Disclosure: Your duty of disclosure to insurers applies in respect of applications for insurance and also renewals; you must disclose to the insurer anything a prudent insurer would want to take into account in deciding whether to insure you and if so on what terms. We also use this information to present a profile of your activities. We remind you that if you do not provide us with full information we cannot properly advise you and this could breach your duty of disclosure.
• Payment of Premium and Cancellation: Unless we are arranging insurance as an on-line transaction please pay the premium and any fee direct to us and in full. We are required to pay your insurer within a specific time frame; we do not provide any credit therefore the full amount is due to us immediately upon receipt of invoice but we can on application arrange a premium funding loan. If we are unable to pay your insurer within the specified time frames because we have not received the premium we are required under the provisions of the Insurance Intermediaries Act 1994 to advise the insurer of this; the insurer may then issue a Notice of Cancellation in accordance with the Policy terms and Conditions because of non-payment. Insurers will usually allow 30 days for the premium to be paid before the policy is cancelled. Time frame may vary from policy to policy. If you cancel a policy before expiry date we will pay you any premium refunded by the insurer but we are entitled to retain the full remuneration paid to us by the insurer.
• Insurer Ratings: You will understand we cannot guarantee the financial status of any company and we do not accept any liability due to the failure of an insurance company bur we will use all reasonable precaution in choosing an insurer and will advise you of their claims paying rating where required under the Insurance Companies (Ratings & Inspections) Act 1994. We will only recommend insurers with a rating of at least A- from Standard & Poor’s, or B+ from A M Best, unless no such insurer is available or there are other special circumstances, in which case we will advise you of this fact and the options for insurers with lower ratings, if any.
• Cooling off Periods / Free Look: Some insurers may provide insurance which allows for a “free look” or “cooling off” period during which the insurance may be cancelled by you without penalty and without giving reason within a specified period from its commencement. Cancellation may be exercised by notice in writing to us from a person(s) authorised to represent each of the parties who are named as insured, quoting your policy number. Should you cancel the insurance within the “free look” or “cooling off” period and in accordance with any other requirements imposed by the insurer, the insurers will normally refund any premium, provided no claim(s) have been made. In such cases, our commission will also be refunded