LIRD Form & Procedure Now In Alberta

The Alberta Government has approved a new form and procedure for the replacement of life insurance in the Replacement of Life Insurance Contracts Amendment Regulation A.R. 154/2010.

Bulletin #038-11/10 - November 2010 [PDF - 77KB]

FSCO Introduces Electronic Downloadable Licences on October 1, 2010

The Financial Services Commission of Ontario (FSCO) will stop mailing paper licences and instead provide secure, electronic versions of insurance licences.

Bulletin #037-09/10 - September 2010 [PDF - 65KB]

Recent Changes to the Insurance Agents & Adjusters Regulation (The “Regulations”)

This bulletin provides information on recent changes to the above-noted Regulations, effective May 31, 2010, which add a new requirement for errors and omissions insurance coverage. This requirement was added with the aim of enhancing consumer protection.

Bulletin #036-09/10 - September 2010 [PDF - 60KB]

Canadian insurance and securities regulators have been working for a number of years on initiatives to require the delivery of summary disclosure statements to investors of investment funds at the point of sale. They are now close to finalizing requirements for mutual fund managers to file a two-page summary of each mutual fund (the Fund Facts document) with the regulator and make it available on their websites. Requirements to deliver the Fund Facts document to the client at the point of sale are being delayed, while the regulators continue to review issues raised by the industry. On the other hand, the delivery requirements respecting segregated funds are expected to be in effect as of January 1, 2011.

Bulletin #035-07-10 - July 2010 [PDF - 82KB]

The MFDA has included new subsection 2.4.1 (b) that permits Members to direct payment in respect of business conducted by an Approved Person on behalf of the member to an unregistered corporation, subject to conditions.

Bulletin #033-04-10 - April 2010

The British Columbia Securities Commission (BCSC) has requested the input of Advocis members in British Columbia.

As you may recall, prior to National Instrument 31-103, Registration Requirements and Exemptions, coming into force, under NI 45-106, Prospectus and Registration Exemptions, a person was exempt from the dealer registration requirements when trading in securities in connection with a distribution made through the following methods:

• accredited investor exemption
• family, friends and business associates exemption
• offering memorandum exemption
• inimum investment amount – $150,000 or more.

Bulletin #031-01-10 - January 2010 [PDF 53KB]

Advocis has been working with the Alberta Securities Commission and the Alberta Ministry of Finance over the past two years to obtain the right of mutual fund and securities registered financial advisors to be able to incorporate and have their commissions paid to corporations. A detailed proposal accompanied by legal research has been sent to various levels within government, including the Minister of Finance.

Bulletin #030-01-10 - January 2010 [PDF 59KB]

Advocis Releases Commissioned Report “Encouraging Small and Medium Sized Firms to Participate in Pension Plans”

Pension coverage, retirement income adequacy and the need for pension reforms have become urgent public policy issues. Advocis established in 2007 a Pension Task Force whose mandate is to promote a sound pension system, to help ensure plan sustainability from both an employer and employee perspective, and to stimulate higher levels of plan sponsorship. 

Bulletin #29-09-09 – September 2009 [PDF 50KB]

Encouraging Small and Medium Sized Firms to Participate in Pension Plans -
Full report [PDF 297KB]

Encouraging Small and Medium Sized Firms to Participate in Pension Plans -
Executive Summary [PDF 39KB]

Recent Changes by the Insurance Council of Manitoba

This bulletin provides information on recent changes, effective June 1, 2009, by the Insurance Council of Manitoba which include a new Code of Conduct, changes to continuing education requirements, a new format and procedure for replacement of life insurance, and revised Life Insurance Agents and Accident and Sickness Insurance Agent Rules.

Bulletin #027-06/09 - June 2009 [PDF - 52KB]

Advocis disappointed at passing of Bill 11

Despite many representations to the government about the significant consequences to consumers associated with in-branch sale of life and health insurance, the Government of Newfoundland and Labrador has passed into law Bill 11 (An Act Respecting Credit Unions). The bill will remove the restrictions to allow in-branch sale of insurance. While insurance licensing requirements will apply, the government is taking away the ultimate form of consumer protection and putting consumers at risk of harm from tied selling and privacy violations.

Bulletin #26-05/09 - May 2009 [PDF - 60KB]

Financial institutions require independent financial advisors and deposit broker firms placing deposits with FIs to be members

Bulletin #25-02/09 - February 2009 [PDF - 46KB]