CU Insured provides our Credit Union partners with a new and sustainable revenue
stream which is not reliant on Interest earning income.
This counterbalances the pressure on income derived from the Loan Book and Investment
Returns on Member deposits. The service is exempt from formal Central Bank approval under the
revised Rules pertaining to Additional Services.
The Scheme provides Regulated Financial Advisory Services to
Credit Union Members.
Your Credit Union will require Retail Intermediary Status to proceed. On the basis that this status is in situ, our Scheme is approved under the auspices of “Additional Services on an Introducer Basis” (Credit Union Act 1997, Part 9 – Services Exempt from Additional Services Requirements, 22 – Insurance Services on an Introduction Basis) and as such is exempt from any formal application process with Central Bank. Implementation can be secured with your own Board Approval and notification of such being sent to your Central Bank Supervisor.
There are no Member Funds put at risk at all in the delivery of the service. This follows Central Bank rules pertaining to “Additional Services on an Introducer Basis”. To further protect the credit union in the unlikely event that a Member would name their credit union in any case brought to the Ombudsman for inappropriate selling or bad advice, CU Insured have secured an Endorsement on our Professional Indemnity Certificate with our Insurers which fully indemnifies the credit union.
There is an element of Reputational Risk involved in having any Third Party deliver services to your Members. To mitigate this, however, CU Insured will implement a personalized Service Level Agreement with you which governs the standards of service we operate to on your site. Our performance against these standards are monitored and managed by the credit union with financial and contractual penalties for serious non-conformances and/or failures.
The Scheme requires NO formal Central Bank approval as it is regarded as an “exempt service”. Therefore, simply Board approval is all that is required to implement the Scheme. Following this approval, a Letter of Appointment needs to be signed between both parties together with a Service Agreement. A detailed Implementation Plan will them be drafted outlining the timeline and tasks required to be completed in order to get to an agreed date to launch the Scheme to your members.
CUinsured Ltd – (Central Bank registration number C152488), is a fully licensed, independently owned Insurance Intermediary operating in the Irish Republic. The two shareholders and directors of the Company are Eamon Lynch MSc (Hons), CFP®, QFA and Mike Mulrenan MSc (Hons), CFP®, QFA. They are based in Limerick and provide financial advice on credit union sites across the country, dedicated to servicing the needs of credit union members, only.
Board Approval
Sign Service Agreement
Formulate Detailed
Implementation Plan
Agree Launch Date
