Remuneration Arrangements


Medisec Ireland CLG (“Medisec”) is an insurance intermediary arranging professional indemnity cover for medical practitioners and entity medical malpractice insurance policies with MedPro[1].

The Background

Pursuant to provision 4.58A of the Central Bank of Ireland’s September 2019 Addendum to the Consumer Protection Code, all intermediaries, must make available in their public offices, or on their website if they have one, a summary of the details of all arrangements for any fee, commission, other reward or remuneration provided to the intermediary which it has agreed with its product producers.

What is Remuneration?

Remuneration is the payment earned by the intermediary for work undertaken on behalf of both the provider and the consumer.  The amount of remuneration is generally directly related to the value of the products sold.

What is Commission?

Commission is payment that may be earned by an intermediary for work undertaken for both provider and consumer.

There are different types of remuneration and different commission models:

 – Single commission model

Where payment is made to the intermediary shortly after the sale is completed and is based on a  percentage of the premium paid.

–  Indemnity Commission

Indemnity commission is the term used to describe a commission payment made before the commission is deemed to be ‘earned’. Indemnity commission may be subject to a clawback (see below) if the consumer lapses or cancels the product before the commission is deemed to be earned.

– Other forms of indemnity commission are advances of commission for future sales granted to intermediaries in order to assist with set up costs or business development.


Clawback is an obligation on the intermediary to repay unearned commission. Commission can be paid directly after a contract is concluded but is not deemed to be ‘earned’ until after a specified period of time. If the consumer cancels or withdraws from the financial product within the specified time, the intermediary must return commission to the product producer.

Commission Rate

Medisec receives commission from our underwriters of 20% in relation to the medical practitioners professional indemnity policies and the entity medical malpractice insurance policies for practice staff.

Membership Fees and Administrative Costs

Medisec receives an annual membership fee from all medical practitioner members in respect of Medisec’s administration of policies, round the clock medico-legal advice, risk management services along with best practice guidance. The membership fee is currently up to €1,400 per member per year depending on level of sessions.

Non-monetary benefits

As part of our relationship with MedPro, MedPro are paying the third party license fees incurred by Medisec for the use of our IT system.

[1] Insurance products are underwritten by Berkshire Hathaway European Insurance DAC trading as MedPro. Berkshire Hathaway European Insurance DAC is a Private Company Limited by shares, non-life insurance company, with registered office 2nd Floor, 7 Grand Canal Street Lower, Dublin, D02 KW81 and regulated by the Central Bank of Ireland, Company Registration No. 636883; VAT No. 3583603. All coverage subject to business approval.