Empire Life is a member of the Canadian Life and Health Insurance Association (CLHIA) and as such must comply with member requirements.
A CLHIA reference document released last year entitled “Insurer Systems for Monitoring Statutory Compliance of Advisors” now requires insurance carriers to obtain a copy of the advisor's disclosure template and a description of the needs-based selling process followed at time of contract.
Beginning in September 2017, a copy of the advisor's disclosure template and a description of the needs-based selling process the advisor follows must be submitted to Empire Life as part of the advisor contracting package. This supports answers to the compliance questions that are asked in Advisor Screening Questionnaire. Contracting cannot be approved until these requirements are received or meet the compliance requirements,
It is important that customers are provided with quality information about products they are considering and how these products are appropriate for their needs. Customers also must be provided information about the company offering these products, the advisor and the advisor’s business relationships.
Please refer to Information Circular 2017-21 for more details.