OCTOBER 2014: Articles from our monthly print edition

21 Oct 2014

CLHIA sets out standardized compliance practices for MGAs

The Canadian Life and Health Insurance Association has issued a new reference document aimed at providing Canada’s managing general agencies with standardized guidelines as they develop and implement their compliance programs. (Read more)

21 Oct 2014

Life insurers’ association adopts new code on genetic testing

The Canadian Life and Health Insurance Association (CLHIA) has reaffirmed an integral piece of its position on genetic testing, adopting a new industry code on an issue that has caused some consternation among privacy advocates and interest groups. (Read more)

21 Oct 2014

Some stakeholders anticipate compensation disclosure requirements for life insurance products

The mutual fund industry has long felt it has been the target of mounting regulations – rules that the insurance and other financial services industries do not have to follow. But now those in the insurance field are saying it’s probably just a matter of time before they’re next, especially when it comes to issues of disclosure and transparency. (Read more)

21 Oct 2014

Use social media to strengthen relationships

A large number of financial advisors in Canada who use social media are failing because they are using social media as marketing tools, rather than a way to build and strengthen relationships, say experts. (Read more)

21 Oct 2014

Stable rating for life industry: A.M. Best

Conditions are reasonably good for insurance companies right now, and company behaviour is also quite good from a risk-management standpoint, leading ratings agency, A.M. Best Company, to say their industry outlook is a stable one for the life and health industry in Canada. (Read more)

21 Oct 2014

Desjardins revamps Helios2 in anticipation of rising interest rates

Desjardins Insurance has tweaked features of its guaranteed withdrawal benefits product Helios2. The insurer says that market conditions for guaranteed lifetime withdrawal products have evolved favorably, and wants its customers to benefit. (Read more)

21 Oct 2014

Using power of attorney to create a trust for a attorney

At issue

A person may grant power of attorney to one or more others to make decisions about the grantor’s property. Such powers may operate concurrent with the grantor’s own capability to make decisions, and may allow such decisions to be made when the grantor is incapable. Though the terminology and rules vary a bit, each province allows the execution of a legally binding document of this nature. (Read more)

21 Oct 2014

Manulife discusses Canadian division priorities in wake of Standard Life acquisition

The public company two-step, a balancing act weighing shareholder benefits against consumer and distributor demand, is seldom more evident than when companies like Manulife Financial discuss strategy for the benefit of investors. (Read more)

21 Oct 2014

Robust first six months for segregated funds and annuities

Premiums grew in all annuity market segments, both in the second quarter of 2014 versus a year earlier, and in the first half of the year compared with the same period in 2013. In particular, there was a major upsurge for segregated funds, which ended 2013 down from 2012. (Read more)

21 Oct 2014

QFS expands in the east with acquisition of A.R.C. Financial

Work to assimilate business for 50-100 new advisors is “well underway” after Qualified Financial Services (QFS) closed its most recent acquisition – this time of Atlantic region, A.R.C Financial Group. (Read more)

21 Oct 2014

B2B Bank propels the profitability of Laurentian Bank

B2B Bank is definitely a growth engine for Laurentian Bank. (Read more)

02 Oct 2014

Allianz Global Assistance and TIC Travel to Merge

On September 30, Allianz Global Assistance Canada and the Co-operators Life Insurance Company’s subsidiary TIC Travel Insurance Coordinators announced plans to merge their Canadian operations. (Read more)

21 Oct 2014

B2B Bank strives to regain advisor confidence

Hurdles in the integration of AGF Trust have irked some of B2B Bank’s advisor clients. When the integration wraps up in late October, CEO François Desjardins thinks his company’s image will emerge stronger for it, even if the level of service has declined, he told The Insurance and Investment Journal in a strategic interview. (Read more)

21 Oct 2014

Insurers denounce third-party premium financing schemes

Insurers are denouncing a scheme in which a third party pays the premiums on a life policy in exchange for giving the insured person a loan, often at a higher than average rate of interest. The lender is reimbursed at the insured’s death. Several companies are prohibiting their advisors from participating in these kinds of activities. (Read more)

21 Oct 2014

Niche Market Leadership outweighs quest for market share

B2B Bank CEO François Desjardins thinks market share is deceptive for players that offer advisors banking services. In fact, an institution’s ability to dedicate itself exclusively to advisors is the most important yardstick. (Read more)