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At Empire Life, we believe that full written disclosure to clients is an important business practice that all advisors should follow. This section provides the Empire Life communications on Advisor Disclosure, reference materials and sample letters for your use.
The Proceeds of Crime (Money Laundering) and Terrorist Financing Act was introduced to aid in the detecting and deterring of money laundering and the financing of terrorist activities. Advisors, as well as insurance companies, have certain responsibilities including, but not limited to: maintaining client information records, verifying identity of the owner, verifying any third party where the transaction is being made on behalf of a third party, reporting possession of terrorist property and reporting suspicious transactions.
The Government of Canada introduced the Anti-Spam Legislation (CASL) to helps protect Canadians while ensuring that businesses can continue to compete in the global marketplace.
Outline what Empire Life expects of our Distribution Partners when dealing with customers.
Advisors should have a documented complaint handling policy in place to ensure complaints are handled in a fair and timely manner. Having a documented complaint handling policy is an industry requirement and a mandatory requirement for advisors licensed in Quebec.
"Serving clients through needs–based sales practices". This industry initiative summary outlines six elements of needs-based selling that should be used to assess and reinforce your own sales practices.
Empire Life has always been a strong believer in E&O insurance for those working in our industry. This document provides clarification on corporate coverage requirements from Empire Life and the industry.
Enhanced Financial Account Information Reporting is a requirement under Canadian law which obligates financial institutions to provide certain information to the Canada Revenue Agency (CRA), which in turn transfers that information to:
The focus on fair treatment of customer continues to be a top priority for the insurance industry. Treating customers fairly means conducting business ethically and ensuring a culture that places the interest of the consumer at the center of all business decisions.
If two advisors are working together, both advisors must be coded with Empire Life and disclose on the application for insurance. Fronting occurs when an advisor who was not involved in the completion of the sales transaction with the client, signs the application as the soliciting advisor.
Due to amendments to the federal Telecommunications Act, the Canadian Radio-television and Telecommunications Commission (CRTC) has introduced new and revised telecommunications rules and the National Do Not Call List (NDNCL).
To ensure you fully understand your obligations under this new law, please go to http://www.crtc.gc.ca for a complete copy of the Act.
This CLHIA reference document includes a section for advisors which is intended to expand on and provide practical guidance in the area of Individual Variable Insurance Contracts (IVICs) and how “The Approach” should be applied.
Replacement disclosure is required when a customer is considering the purchase of a new life insurance contract that will replace an existing or recently lapsed or surrendered contract.
The protection of personal information is an integral part of doing business at Empire Life. Protecting personal information is important to us and this policy sets out how we collect and manage personal information in a manner that protects the personal privacy of our clients, contractors and employees.
A privacy breach is the loss of, unauthorized access to, or disclosure of, personal information. Some of the most common privacy breaches happen when personal information is stolen, lost or mistakenly shared.
To strengthen consumer protection, more regulators are introducing title protection rules. These rules are being introduced to promote consistency and professionalism. It is important that you understand the title requirements for the jurisdictions you are licensed in. Please refer to your provincial regulator’s website(s) for more detailed information on your requirements.
The Autorité des marchés financiers (AMF) recently released A practical guide for the financial services industry – Protecting vulnerable clients. This guide outlines possible courses of action to follow to help clients protect themselves if circumstances make them vulnerable or to assist them in dealing with situations regarding their financial well-being.
Many provincial insurance regulators require advisors to be sponsored by an insurance company under certain circumstances. This comes with many obligations on the part of insurance companies.
is a compilation of rules, procedures and guidelines relating to distribution compliance and market conduct.
The Foreign Account Tax Compliance Act (FATCA) is U.S. tax legislation enacted in 2010 to better detect tax evasion by U.S. persons living worldwide with financial accounts at non-U.S. financial institutions. Effective July 1, 2014, Canadian financial institutions are required to collect information to report to the Canada Revenue Agency on certain financial accounts held in Canada by U.S.persons.
This document should not be construed as providing tax, legal or financial advice.