01/06/2009
Effective June 1, 2009 the Life Insurance Council of Manitoba has replaced the Basic Disclosure Statement (BDS) with the Life Insurance Replacement Declaration (LIRD).
The Life Insurance Replacement Disclosure (LIRD) is a one-page generic form that outlines questions clients should ask when they are considering replacement and warns against cancelling a policy until the new one is in force.
A six-month transition period will apply. Effective December 1, 2009, only the LIRD and associated requirements will be accepted.
30/01/2009
New Brunswick intends to change its agent licensing regime. Currently the term is one-year and all licences renew on March 31, 2009. The proposed new licensing system will eliminate the single annual expiry date and will implement quarterly expiry dates of March 31st, June 30th, September 30th and December 15th. The proposed new system will also introduce two year licences for eligible agents and brokers. It is the intention of the Office of the Superintendent of Insurance to have the new system in place for March 31, 2009. It does not appear that New Brunswick will implement a web based licensing system. We will have to continue to rely on the advisor to provide us with a copy of his/her license.
13/08/2008
Saskatchewan has introduced new requirement for the replacement of insurance contracts. The Life Insurance Replacement Disclosure (LIRD) is a one-page generic form that outlines questions clients should ask when they are considering replacement and warns against cancelling a policy until the new one is in force.
March 2008
Important Notice to All Insurance Agencies:
Corporate Errors and Omissions Insurance. Many Insurance agencies and MGAs may not be aware of the full extent of risk they face if they do not purchase separate E&O cover under a Corporate E&O plan (also known as entity E&O)
You Should also know...
March 2005
Advisor Disclosure:
In March 2005, in response to concerns of insurance regulators regarding managing conflicts of interest, the industry introduced a uniform disclosure protocol for advisors. Over the next months, the regulators will be assessing compliance with this protocol. Evidence of compliance will be used to determine if additional regulation is required.
Advisors should be...
