The insurance laws in each jurisdiction states that an individual cannot act or offer or undertake to act or represent himself as an agent unless licensed. The insurance acts define an agent as a person who solicits, effects or negotiates insurance on behalf of an insurer or transmits an application for insurance to an insurance company or acts, offers or assumes to act in the negotiations of insurance.
The advisor is responsible for complying fully with the insurance laws of every jurisdiction in which he/she is licensed as a life or accident and sickness insurance agent. All advisors selling Standard Life's products must sign a contract with Standard Life. The advisor must also adhere to and be bound by the Company's Code of Ethics.
The advisor must avoid solicitation of the company's product while his/her license has not yet been approved or renewed by the regulators.
The advisor must maintain, at all times and at his/her own expense, all licenses necessary to permit him/her to lawfully solicit applications for the Company's products, pursuant to applicable statutory and regulatory requirements. Standard Life will not accept business or pay first year commissions to an advisor without proof of a valid license.
The advisor must notify Standard Life immediately upon the termination, suspension or revocation of his or her license.
