SUBSCRIBE | DEADLINES | HOME

Tuesday February 6, 2018
Read the
previous edition

____________________
Financial

CLHIA Delays Implementation of New Compensation Disclosure Guideline By Six Months

Toronto - In response to feedback from the advisor community, the Canadian Life and Health Insurance Association (CLHIA) has postponed the implementation of its new Guideline G19, Compensation Disclosure in Group Benefits and Group Retirement Services, by six months for new contracts to January 1, 2019.

"Advisors are valuable partners in delivering group benefits and retirement services to Canadians and their views on the new proposed standards and how to implement them are key. Consultations began earlier this year and we are listening to their views. That is why we took the immediate step of pushing back the implementation date," explained CLHIA President and CEO, Stephen Frank.





The CLHIA is currently on a cross-country tour, meeting with advisors to explain the new Guideline and gather their views and recommendations on how best to implement G19. Advisors who cannot make it to one of these locations will also have the opportunity to participate in a webinar, in the official language of their choice, scheduled for February 22. Further, the CLHIA is creating an advisory committee of advisors and insurers to provide their guidance. "We need the help of advisors to ensure successful implementation and we are committed to partnering with them on the new standards," concludes Mr. Frank.

Group benefits and group retirement services are important to the financial well-being of Canadians. The goal of the new Guideline is to be more customer focused and transparent in compensation disclosure by establishing industry standards in this area. All insurers will be required to disclose to group contract holders (i.e., employers and other organizations offering group benefits and retirement services) all direct, indirect and in-kind forms of compensation paid or provided by insurers to intermediaries.






exchangemagazine.com is distributed twice weekly; Tuesday and Thursday


Not a Subscriber? Receive more articles on business issues
Sent directly to your email in-box.

Our 35th Anniversary Gift To You!
Your subscription is free. Save $14.88 of the posted price with our 35th Anniversary subscription digital launch offer.
No Cash Value. Cancel anytime.

contact us

Publisher is Exchange Business Communication Inc.
No part of this article may be reproduced without written permission from the publisher.
Email Publisher

ISSN 0824-45
Copyright, 2018

Share Your Story: pressrelease @ exchangemagazine.com
Expand Your Reach:
advertise @ exchangemagazine.com
Publisher: Exchange Business Communication Inc., PO Box 248, Waterloo, Ontario, Canada
Email Editor

Content published on this site represents the opinion of the individual, organization and/or source provider. Exchangemagazine.com is a online daily journal of Exchange Business Communication Inc. (1997) Publishers of Exchange Magazine est. 1983. Privacy Policy. Copyright of Exchange produced editorial is the copyright of Exchange Business Communications Inc. 2018. Submitted editorials, comments and releases are copyright of respective source(s).