Category Archive: Industry news

Independent Insurance Brokers face new Fintrac Requirements

20th Feb 2014

IFB Staff

Independent Insurance Brokers face new Fintrac Requirements

Susan Allemang, IFB’s Director of Policy & Regulatory Affairs was recently interviewed by Investment Executive on new anti-money laundering requirements affecting independent life insurance brokers.  These increased requirements will place brokers at greater risk of being found to have deficiencies during a Fintrac audit and which, in turn, could lead to financial penalties. To read the article, click here: http://www.investmentexecutive.com/-/insurance-new-rules-for-reps?redirect=%2Fsearch

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Canadian securities regulators release status reports on mutual fund fees and implementing a best interest duty for financial advice

17th Dec 2013

IFB Staff

Canadian securities regulators release status reports on mutual fund fees and implementing a best interest duty for financial advice

The Canadian Securities Administrators (CSA) today released status reports on two consultations it held recently.  One reviewed the current fee structure associated with mutual fund products and the other was to explore implementing a best interest duty for financial advice provided to retail consumers. The CSA reports it received over 95 written responses to each of these consultations from a variety of industry and consumer groups.  In addition, it held various stakeholder sessions to gather more input.  It has concluded that the two consultations are sufficiently interconnected that it needs to consider them together not as two separate issues.  The CSA says it will publish what, if any, further steps it needs to take in the coming months. The status reports are available on […]

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Canada’s Anti-Spam Law Will be Effective July 1, 2014

05th Dec 2013

IFB Staff

Canada’s Anti-Spam Law Will be Effective July 1, 2014

The Minister of Industry announced December 4th that Canada’s new anti-spam law will come into force on July 1, 2014.  Under the legislation, consumers will control who can send them a commercial electronic message or business email.  Companies will have to identify themselves in their emails and provide consumers with an unsubscribe option. Those who do not comply risk major financial penalties. For companies, messages sent internally or to another business will be permitted, as will emails sent to consumers as part of a product recall, in response to a consumer inquiry or as a result of a referral (under certain conditions). Fundraising activities of registered Canadian charities are exempt from the Act. On January 15, 2015, the sections of the Act related […]

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Canadian Insurance Regulators launch National Disciplinary Database

02nd Dec 2013

IFB Staff

Canadian Insurance Regulators launch National Disciplinary Database

Canadian insurance regulators have announced the launch of a new resource that provides a single resource for anyone wanting to check if an individual or firm has been disciplined.  Formerly, this information was only available on each provincial regulator’s website. Now consumers and insurance industry participants can easily check the names of persons and firms disciplined within the insurance industry through the Canadian Insurance Regulators Disciplinary Actions (CIRDA) database.  This was a joint initiative of the Canadian Insurance Services Regulatory Organization (CISRO) and the Canadian Council of Insurance Regulators (CCIR). CIRDA can be accessed from the CCIR and CISRO websites or directly at http://decisions.cisro-ocra.com/.   

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