Do I need to sign a contract to sell Standard Life’s product?
Business must be submitted by licensed advisors who have signed a contract with Standard Life or have been through our due diligence process and have been authorized to sell our products.
Do I require E&O, even if the regulator in my jurisdiction do not require it?
Yes. You must have E&O coverage even if your jurisdiction does not require it. Standard Life requires that you obtain E&O with a minimum of one million dollar coverage per claim. For a corporate Distributor who offers structured settlements, the minimum limit of coverage per claim is two million dollars with a minimum aggregate limit of four million dollars, exclusive of defence costs.
If you are contracted under a corporate name, in certain jurisdictions your must also obtain E&O for your corporation.
Can I still service my clients when I retire and no longer licensed?
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.
If you no longer have a license, you are prohibited from acting as an insurance agent in any capacity for new or existing clients. If your clients call you for advice or to transact on their policies, you must refer the client directly to Standard Life or to a licensed advisor.
One of my clients moved to another province, and want to buy a new policy. Can I sell my client the new Policy?
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. You must hold a license in the jurisdiction where the application will be signed. Without a license, you are not authorized to sell the new policy to the client.
If I only make exempt calls to existing clients, do I still need to subscribe to a do-not-call-list and register with the do-not-call-list operator?
If you make calls or use the fax to directly or indirectly sell a product or service, you are then considered a telemarketer. However, if you only make telemarketing calls that are exempt from the national do-not-call-list rules, then you are not required to access and subscribe to the national do-no-call-list, however, you must still register your business information with the national do-not-call-list operator.
This FAQ is intended for information purposes and does not constitute legal advice.
