BridgeForce News | December 27, 2016
HEADLINES
CLHIA reaching out to boomers and millennials with specialist platforms
The Canadian Life and Health Insurance Association (CLHIA) is making efforts to reach out to both sides of the generational divide. Earlier this year it launched its ‘Retiring Soon?’ resource for those entering their twilight years. Last month, marking Financial Literacy Month, it started the No Time Like Now campaign, aimed at educating younger Canadians on the merits of purchasing life insurance long before arthritis or failing eyesight becomes an issue.
COMPLIANCE
New obligations and minor report form changes
Please note that, effective June 17, 2017, there will be new obligations related to domestic and foreign politically exposed persons (PEPs) and heads of international organizations (HIOs) resulting from amendments made to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and associated Regulations. Please see FINTRAC’s guidance describing these obligations.
New reporting requirement for life agents effective immediately
The Superintendent of Financial Services (Superintendent) in Ontario is requiring ALL licensed agents in Ontario to use Licensing Link* to report the name of EVERY Ontario licensed life insurer the agent represents, has a contract with and / or on whose behalf the agent sells insurance products. Carefully review FSCO’s bulletin for details”.
SUPPLIER COMPANY NEWS
Assumption Life
What’s Up Newsletter
Commission deposits during the Holidays, Head office Holiday schedule, Lia update on December 30, Replacement of Golden Protection – limited time, Movember promotion results, Changes to our procedures for preauthorized debit (PAD) date.
Desjardins Insurance
Temporary Insurance Agreement in case of death for up to $5,000,000
To help your clients take advantage of 2016 tax rules, we’re offering this opportunity for new applications for life insurance submitted between September 20 and December 19, 2016. It applies to applications for an insurance amount between $1,000,000 and $5,000,000. You can help your clients take advantage of this temporary offer by using the attached “Insurance Application Life, Health and Disability” form.
Empire Life
Advisor Compliance Monitoring
Recently the Canadian Life and Health Insurance Association (CLHIA) released a reference document to its members entitled “Insurer Systems for Monitoring Statutory Compliance of Advisors”. As a CLHIA member company, Empire Life is required to put in place policies and procedures to meet the reference document requirements.
8 Pay new product introduction delayed
The release of our newest product offerings: EstateMax 8 Pay and Optimax Wealth 8 Pay, originally planned for January 1, 2017 requires a slight delay in their introduction. An error in Exempt Test calculations has been discovered and will delay the launch by approximately one month.
Insight
Introducing New Products from Empire Life, Ian Hardacre Named Chief Investment Officer of Empire Life Investments, Two weeks to go, A Market Overview, Regulatory Documents for Segregated Funds.
Equitable Life
Special Temporary Life Insurance Agreement (TIA) for up to $10,000,000
For a limited time, Equitable Life has increased the amount of temporary life insurance coverage provided under the Temporary Life Insurance Agreement (TIA) on new Equimax participating whole life insurance applications to include face amounts up to $10,000,000.
iA Financial
Eye on the Economy
Monetary policy: The Fed hikes its leading rate for the first time this year, Year-end webinar: Economic and financial environment.
Manulife Financial
Philip Petursson’s views on the FOMC rate hike
After a year of speculation, the US Federal Open Market Committee (FOMC) has finally announced a rate hike of 25 basis points. Listen to a brief 8 minute market commentary by Philip Petursson, Chief Investment Strategist, Capital Markets & Strategy, Manulife Investments on the impact of the rate hike on the global markets and specifically to Canada.
RBC Insurance
Could James be your client?
James (age 40) and his spouse are divorcing after many years of marriage. They have a young child, Christina (age 3). Through their legal proceedings, the court has ordered that both James and his spouse purchase an insurance policy to help protect Christina. Ensuring coverage is in place for the next 22 years, until she reached age 25. What is a cost-effective way to protect Christina’s financial future?
SSQ Insurance
Newsletter vol. 4, No. 12, December 2016
SSQ CI Signature Corporate Bond GIF, Our loan programs will be back in 2017, 2017 SSQ Merit Plan, Holiday business hours.
Sun Life
NewsFlash
The next generation of life insurance is here, Sun Life Illustrations Version 3.0.0 – Issue with date of birth, What you need to know about life insurance applications not issued by year end, Don’t forget that Sun Life Illustrations is now available for web download, Allocations to UL policyholders exposed to CI Investments funds to begin, What happens to your client’s legacy if their family doesn’t know their wishes?
Information and links to other websites contained in this document are solely for the information and convenience of BridgeForce Financial Group brokers. This information is not intended to provide financial, legal, accounting or tax advice and should not be relied upon in that regard. No endorsement of any third party products, services or information is expressed or implied by any information, material or content referred to, included in, or linked from this bulletin. The approved materials are the property of individual companies used under license and may not be copied, transmitted or used without express written approval. E. & O.E.