6 August 2019 11:30
Photo : Freepik
The Company Manufacturers life insurance (Manulife), has had to pay an administrative penalty of $ 100,000 to thefinancial markets Authority. The insurer had not sent the guide to the distribution of one of its travel insurance products offered through Sunwing Vacations inc.
This last, which also operates under the name of Signature Vacations, was also sanctioned by the Authority. The company has had to pay the same amount that the subsidiary of Manulife.
“Mli was found to have issued more than 80 000 insurance policies protection Plan Platinum worry free vacation through Sunwing and Signature Vacations for a period of more than five years, without having been prepared and forwarded to the Authority that the distribution guide that is related and have it delivered to the distributors […] The Authority also alleges that Sunwing have failed to disclose to customers its compensation for the sale of the insurance product, while it exceeded 30 % of the cost of the product “, indicates the controller by way of a press release.
The insurer complies with the requirements
The result of this history, Mli has agreed to submit the guide to the distribution of the product. It is now called Insurance Manulife world – Sunwing.
The insurance company has also agreed to put in place ” necessary measures to avoid the repetition of similar situations “, and to ensure that its other insurance products are in accordance with the laws and regulations of the Authority.
Note that Mli has been sanctioned last July for similar lack. The company had been required to pay $ 35,000 to the Authority.