Tokenschild OÜ Remuneration Agreement
Tokenschild OÜ acts as intermediary (consultancy and introducing broker)
between you, the consumer, and the product provider with whom we place
your business.
The Background
Pursuant to EU Directive 2016/97 – the Insurance Distribution Directive (IDD),
Tokenschild OÜ (and 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 Tokenschild OÜ which it has agreed with its product producers.
What is Remuneration?
Remuneration is the payment earned by Tokenschild OÜ 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 Tokenschild OÜ for work
undertaken for both provider and consumer. There are different types of
remuneration and different commission models. When Tokenschild OÜ’s
commission arrangements are based on the single commission model, payment
is made to Tokenschild OÜ shortly after the sale is completed and is based on a
percentage of the premium paid/amount invested/amount borrowed.
Profit Share Arrangements
In some cases, Tokenschild OÜ may be a party to a profit-share arrangement
with a product provider and will earn additional commission. Any business
arranged with these product providers on a client’s behalf will be placed with the
product provider because that product provider is at the time of placement, the
most suitable to meet the client’s requirements, taking all the client’s relevant
information, demands and needs into account.
Clawback
Clawback is an obligation on Tokenschild OÜ from certain product providers 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, Tokenschild OÜ must return commission to the product
producer.
Fees
Tokenschild OÜ may also be remunerated by fee by the product producer or or
charge fees to clients such as consultancy fee, policy fee, admin fee, or in the
case of investment firms, advisory fees.
If you have any questions about our renumeration,
you can contact us by email at info@tokenschild.com.
Changes to our Renumeration
This Renumeration Agreement is under regular review and subject to change at any
time, it was last updated on 15 January 2023.