3 May 2018 13:30
Photo : Freepik
A director of thecanadian Association of insurance companies of persons (CLHIA) says that the organization will continue to work with the advisors on “sensitive issues” arising from the directive on the disclosure of remuneration for advisors, group benefits, and advisors for group annuities.
Erica Hiemstra, assistant vice president, distribution at the CLHIA, said in a conference of the Canadian Group Insurance Brokers on may 2, last that the CLHIA has spent a lot of time to collect the comments of the advisors since the beginning of the year, either individually or in group meetings across the country. The CLHIA recognizes the importance of speaking with advisors and their feedback, she added.
Do the balance sheet
“We have received many useful comments. So that we will have some time to do a review of all the comments received, pointed out Ms. Hiemstra. We recognize that time is of the essence, but we must take our time to do things. “
The advisors have expressed their disagreement on the publication of the guideline, and that it was not possible to give their opinion. Some have said they felt as if they were not regarded by the insurers who had the intention to disclose broker compensation directly to plan sponsors rather than through the advisors themselves.
The councillors present at the conference at the CGIB have also asked why they were required to disclose their compensation so that insurance companies do not have to disclose what measures they take advantage of.
Several important points
“The guideline G19 was not designed for disclosure to the insurers, added Ms. Hiemstra. That said, there are several important points that have been raised during the tour and I think that we understand them better. “
Moreover, when we asked him if the insurers were required to disclose the sharing of claims, Ms. Hiemstra has claimed not to be able to make a comment.
Under the guideline, the direct remuneration of councillors must be reported starting January 1, 2019. All compensation, including bonuses and travel sales, will be recorded from the beginning of January 2019, and their disclosure will commence on 1 January 2020.