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Conflict of interest disclosure obligations owed to consumers.

2/4/2020 12:00:00 AM

Assumption Life reminds you that it is important and mandatory to disclose any conflict of interest when you make a sale of a financial product or service.

A few years ago, regulatory agencies in Canada, as well as associations that include insurers and insurance representatives, developed a rule on best practices for disclosure to consumers. This rule remains pertinent today.

Whenever you make a sale or provide financial services to your clients, we require you to disclose the following information:
 

  • The provinces and territories where you hold a valid license to carry out your professional activities;
  • The names of the insurance companies you mostly represent;
  • Your financial ties and interests with the insurers you represent;
  • The type of compensation you will receive;
  • Incentive you will receive (travel, gifts, etc.); and
  • Disclosure of conflicts of interest.

 
You can use your own forms that contain the required elements, or you can use the Agent Disclosure Statement form on Assumption Life Advisor Corner, under Forms and Applications.
 
If you have any questions or comments please do not hesitate, contact us.