CANADIAN LIFE AND HEALTH INSURANCE INDUSTRY RESPONDS TO ADVISOR INPUT: Makes Key Changes to New Guideline on Compensation Disclosure
News ReleaseRelease Date: 11/21/2018 Staff Reference: Wendy Hope
(Toronto, November 21, 2018) – The Canadian Life and Health Insurance Association (CLHIA) has conducted in-depth consultations with more than 500 group benefit and group retirement services advisors across the country on its Guideline G19 on Compensation Disclosure in Group Benefits and Group Retirement Services. Based on the feedback from advisors, the industry is pleased to announce a number of changes to key elements of the Guideline.
“Our industry appreciates the commitment and assistance of the group advisor community in helping us develop an approach to compensation disclosure that works for all stakeholders,” notes CLHIA President and CEO Stephen Frank. “We remain committed to working closely with advisors to ensure that the industry is treating customers fairly and delivering the best suite of products and services at a fair price.”
The CLHIA developed Guideline G19 in response to an industry identified need to become more customer focused and transparent in its disclosure of compensation for group products. Further to this round of consultations, changes have been made to the implementation timelines as well as the disclosure requirements for direct, indirect and in-kind compensation to address the concerns raised by advisors. In the coming weeks, the CLHIA will revise the Guideline and then further engage the advisor community, through its G19 Advisory Group, on the implementation details of the revised guideline.
Details on the changes and the industry’s planned next steps can be found on the CLHIA’s G19 page.
About the CLHIA
The CLHIA is a voluntary association whose member companies account for 99 per cent of Canada’s life and health insurance business. The industry provides a wide range of financial security products such as life insurance, retirement solutions and supplementary health insurance to almost 29 million Canadians. It also holds close to $860 billion in assets in Canada and employs more than 155,000 Canadians.
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Vice President, External Relations