When consumers are considering the purchase of a life or health insurance product, it is important that they have adequate information about you and your business relationships, the insurance product that you recommend, and the company offering the product, to allow them to make an informed decision. In certain jurisdictions, these disclosure requirements must be given in writing to the client prior to the sales transaction.
To assist you in meeting the various regulatory requirements, a Reference Document was developed by the Canadian Life Health Insurance Association (CLHIA), with the cooperation of various industry groups.
This reference document provides a common base of information for use across the life and health insurance industry, with the flexibility for each advisor to adapt it to his/her own circumstances. It provides sample wording for different disclosure elements and different situations. It also provides information about specific regulatory requirements, where applicable.
We have developed a sample disclosure letter that you may use with your clients.
The suggested wording for each disclosure requirement is intended for illustration purposes and to provide you a good starting point. You can, of course, develop your own disclosure letter or form, based on the suggested wording in the reference document, to suit your own situation while still meeting the minimum disclosure requirements.
While reasonable steps have been taken to ensure that this information was accurate as of the date hereof, The Standard Life Assurance Company of Canada and its affiliates make no representation or warranty as to the accuracy of this information and assume no responsibility for reliance upon it. This document should be reviewed by your legal counsel for its appropriateness to your specific situation.
