Privacy Policies and Procedures, including Privacy Breach Procedures

NAME OF MGA PRIVACY POLICIES AND PROCEDURES   Program Effective:   Assessed On: Revised On: Privacy Compliance Officer:   (include contact information)   TABLE OF CONTENTS   Introduction PIPEDA Summary Summary of Changes Made to PIPEDA by Digital Privacy Act and regulations (2015-2019) Provincial Privacy Laws – Variations Insurers’ Contractual Requirements   The Compliance Program   Appointed Compliance Officer Privacy …

Manitoba Insurance Council Conflict of Interest Guideline for Additional Occupations

Conflict of Interest Guidelines for Additional Occupations Section 371(7) of the Insurance Act of Manitoba, which related to “sole occupation”, was repealed under Bill 39. This has been replaced by a Conflict of Interest Guideline. All levels of insurance agents/adjusters may sell insurance full or part-time provided there is no conflict of interest. Prior to commencing any other occupation or …

Reporting and Investigating Procedures

INVESTIGATING AND REPORTING PROCEDURE  Because insurers are required to report unsuitable Advisors to regulators, they expect MGAs to notify them if they become aware of an allegation, event or circumstance that gives rise to a reasonable belief that an Advisor may be unsuitable to continue to promote, sell or service insurance products. This includes but is not limited to client …

Complaint Handling Procedures

  MGA COMPLAINTS PROCESS TEMPLATE If you do business in Quebec, you should strongly consider adopting the complaints process outlined in the Quebec Unit 8 for all provinces, to avoid having different processes in place.   Suggested Procedure:  Establish a Complaint Log to track complaints, to provide any required reports and to maintain a state of readiness for regulatory and other …

Code of Conduct for Advisors

ADVISOR CODE OF CONDUCT This Code of Conduct sets out the standards to which we expect our Associate General Agents and brokers (collectively “Advisors”) to adhere in their dealings with customers and in representing insurers.  The Code supplements and reinforces but does not replace industry association, provincial regulatory and insurer codes of conduct to which the Advisor may already be …

Code of Conduct for CAILBA Members

THE CANADIAN ASSOCIATION OF INDEPENDENT LIFE BROKERAGE AGENCIES (“CAILBA”) CODE OF PROFESSIONAL CONDUCT THE SIX PRINCIPLES INTEGRITY Principle:  The life insurance industry is built on a foundation of trust. Performing with integrity must not be compromised. This applies to operating our businesses in a manner that meets or exceeds all regulatory requirements; engaging only in fair, ethical and lawful business …

Advisor Monitoring Procedures Template

ADVISOR MONITORING PROCEDURES  Monitoring should be risk-based and aimed at identifying areas that require greater scrutiny.  There is protection in having a “reasonable system” in place to detect problems. This does not mean that all problems will be detected but rather that there are reasonable controls in place.  The ultimate goals are to “Know Your Advisor” and be in a …

Screening Procedures Template for MGAs

  CAILBA ADVISOR SCREENING PROCEDURES – to be modified by the MGA to suit business practices CLHIA points out that screening has two main purposes:  to decide whether an Advisor is suitable and to assess the level of risk that the Advisor presents.   Overall Process Suggestion:  Use the CAILBA Advisor Screening Checklist, modified to suit your practices.  It consistently documents …

New Agent Supervision Chart

Legislative supervisory requirements for new life insurance agents (trainees in Quebec) Use this chart to determine the supervisory requirements by province. The province is the location where the new life insurance agent (trainee in Quebec) is licensed to do business.   Province Provincial requirement Supervisory Requirements British Columbia The new life insurance agent must be supervised for 24 months by …

Guidance on Establishing a Compliance Function

  Table of Contents   Guidance on Establishing an AML-ATF Compliance Program   *If you are viewing this material on a text editor, please hold ctrl when clicking on links to have them open   The 5 Components of a Compliance Program   Compliance Officer Job Description and Appointment Form Policies and Procedures Compliance Manual Template Table 1 – Methods …