Insurers applaud high profile court ruling on life insurance investments

TORONTO _ A group representing the life insurance industry says a decision by the Saskatchewan Court of Appeal will support consumer protection rules that separate banking from insurance.

The Canadian Life and Health Insurance Association says the court found a 2018 regulation prevents life insurance companies from accepting deposits and amounts unrelated to insurance coverage, marking a win in the insurance industry’s fight with investment firms.

In the lawsuit, Mosten Investment LP had argued that Manufacturers Life Insurance Co.’s universal life insurance policy allowed for unlimited deposits and a guaranteed return.

The case caught the attention of prominent short-seller Muddy Waters, which argued in 2018 that a ruling in Mosten’s favour could lead to billions of dollars of losses.

But Manulife says it was successful in arguing that policyholders cannot make unlimited deposits into universal life insurance contracts and that deposits must relate to amounts required to pay the life insurance premium.

Ronald Miller, one the lawyers who represented Mosten, says the firm is reviewing the decision and is disappointed the court would permit governmental interference into a contract that was issued decades before the new regulations were passed.

Manulife says the legal matter did not have any material impact on the company’s business, and shares of Manulife’s stock rose more than one per cent on Wednesday.

“In the interest of protecting consumers, many other provinces including Ontario, Prince Edward Island, Alberta, New Brunswick and Nova Scotia have introduced legislation to provide similar clarity and reinforce the separation of banking and insurance,” said CLHIA chief executive Stephen Frank in a statement on the ruling, adding that the industry group was pleased with the decision.

New CE Course On COVID-19 Coverage

New CE Course On COVID-19 Coverage

TuGo COVID-19 Coverage Course = 1CE credit

General Adjuster – Technical And Life/A&S – Technical

BC, SK, MB, ONTARIO LIFE/A&S 

RIBO AND ALBERTA ACCREDITATION COMING SOON

Just in time for your 2021 CE requirements, this course is included as part of the ILScorp General CE Course Subscription or the ILScorp Life/A&S Subscription.

If you’re currently an ILScorp subscriber, you already have access to this course!

ILScorp CE Subscriptions are an easy way to get all your CE credits in one place.

Insurance Broker Professional Certificate – Training starts March 2021

Break into the Insurance Industry without student debt.

Fully Funded Insurance Broker Professional Training starts March 2021.

Upon completion of this program, students will possess the knowledge to enter the Insurance Industry in British Columbia, with advanced computer, Insurance and interpersonal skills, as well as a level 1 general insurance license. Virtual delivery of all modules with individual instructor support. Online tools & resources with access to a robust Level 1 Insurance Licensing Program. More information and a button to apply for the program below!

 

New Year, New You. Earn your Level 2 License

New Year, New You. Earn your Level 2 License

To obtain your Level 2 license you must pass the CAIB 2 and the CAIB 3 exams. (BC, SK, MB)

Alberta requires CAIB 1, CAIB 2 and CAIB 3 completion to earn your level 2 license.

Use ILScorp’s online CAIB exam preparation courses, or Daily Assisted Virtual Classroom Programs to quickly prepare you for your Level 2 license.

CAIB Exam Prep Self-Study Online Video Courses are divided into easy-to-manage chapters with end of chapter quizzes. Each chapter includes 10-20 video clips of the instructor, along with easy to read text. A downloadable PDF workbook, key terms, a mock midterm and a mock final exam are also included. Once you purchase your subscription, you can begin taking your course immediately! All material is viewed online and is accessible 24/7.

MORE INFO ON CAIB EXAM PREP

How the CAIB exam preparation courses work

  • Once you purchase, you can begin taking your course immediately! If you are a new subscriber, you will receive an automated username and password by email.
  • All material is viewed online. All you need is an internet connection!
  • Your course can be accessed any time. You can log in and log out as many times as you wish, pause, rewind and review, unlimited access for 4 months.
  • Quizzes and Final exams help you retain the information.
  • Once you feel prepared to write your CAIB exam, you must contact your Insurance Council, or in BC the Brokers Association to book your exam.
  • Should you require any assistance at any time during your course work, we are here to support you! Email info@ilscorp.com

 

British Columbia Level 2 General Insurance Agent License

A level 2 general insurance agent is not restricted to where he or she can work and is not prohibited from signing contracts of insurance. Although insurance industry experience is not required, an applicant must be an authorized representative of a licensed general insurance agency and have met the educational requirements.

Saskatchewan Level 2 General Insurance Agent License

A Level 2 licensee shall not manage an agency.

Manitoba Level 2 General Insurance Agent License

A level 2 general insurance agent is authorized, to sell the insurance policies authorized under section 3, both inside and outside of the office of a general insurance agency, but is not authorized to manage the office of a general insurance agency

Intact Insurance is Offering Solutions for Customers who are Working from Home

Enhanced protections to give customers peace of mind during uncertain times

TORONTODec. 3, 2020, Many trends have emerged from the COVID-19 pandemic; people are travelling less, working from home and spending more time online. Intact Financial Corporation (TSX: IFC) is offering enhanced protection to give customers working from home increased liability and home coverage, the option to add identity theft coverage and cyber protection, at a discount, as well as free access to mental health and well-being programs for a limited time.

“During a time where so many are working from home, customers are searching for added value and thinking about their well-being,” said Louis Gagnon, President, Canadian Operations, Intact Financial Corporation. “We want customers to have peace of mind and we are focused on supporting their changing needs”.

Intact Insurance’s enhanced protection provides customers with increased liability and home coverage for people working from home. Existing and new customers can also add identity theft coverage and cyber protection to their home policy with my Identity at a discount, and for a limited time, enjoy free access to online mental health and well-being programs through LifeSpeak.

Intact also understands that with more people working from home, driving habits and patterns are changing. Usage-based insurance programs give customers more control over their auto insurance premium. Intact Insurance’s my Drive™ offers customers personalized feedback and tips to help improve their safe driving and the opportunity to earn up to 25% off their auto insurance premium. Customers receive a 10% discount just for signing up.

Customers who want to learn more about these solutions can contact their broker.

While these solutions address immediate and emerging customer needs, Intact is continuing to develop other innovative and responsive measures to longer-term trends.

About Intact Financial Corporation

Intact Financial Corporation (TSX: IFC) is the largest provider of property and casualty (P&C) insurance in Canada and a leading provider of specialty insurance in North America, with over CAD$11 billion in total annual premiums. The Company has approximately 16,000 employees who serve more than five million personal, business and public sector clients through offices in Canada and the U.S.

In Canada, Intact distributes insurance under the Intact Insurance brand through a wide network of brokers, including its wholly-owned subsidiary BrokerLink, and directly to consumers through belairdirect. Frank Cowan Company, a leading MGA, distributes public entity insurance programs including risk and claims management services in Canada.

In the U.S., Intact Insurance Specialty Solutions provides a range of specialty insurance products and services through independent agencies, regional and national brokers, and wholesalers and managing general agencies. Products are underwritten by the insurance company subsidiaries of Intact Insurance Group USA, LLC.

SOURCE Intact Financial Corporation

www.intactfc.com

Westland Insurance Celebrates 40th Anniversary by Supporting Canadian Charities

SURREY, British Columbia, Dec. 03, 2020 (GLOBE NEWSWIRE) — Westland Insurance Group Ltd. (“Westland”) is pleased to announce that it is celebrating its 40th anniversary in 2020. Westland is marking this significant milestone by supporting communities with its ‘40 Weeks of Giving’ campaign. Every week for the next 40 weeks, the company is supporting a cause in one of the many communities that it serves across Canada.

Westland Insurance was founded in 1980 with one branch in Ladner, BC. It now has over 150 locations in BC, Alberta, Saskatchewan, Manitoba, and Ontario. Throughout the years, the family-owned company has remained committed to supporting local communities. Launched in November 2020, the ‘40 Weeks of Giving’ campaign sees the company supporting a different community organization each week for 40 weeks.

The company’s first ‘40 Weeks of Giving’ donation was made to the Burns Bog Conservation Society. Burns Bog, located near Ladner, BC, is one of Canada’s most fragile and precious ecosystems. Westland’s second donation was made to the Calgary Region of the Canadian Mental Health Association, whose mission is to increase resiliency and reduce the impact of mental illness and addiction in the community. For more information about the charities that Westland is supporting with this campaign, please visit: https://www.westlandinsurance.ca/bc/about-us/community

About Westland Insurance Group

Westland Insurance Group is one of the largest and fastest-growing independent property and casualty insurance brokers in Canada. With a national network of over 150 locations and over 1,600 employees, the company continues to expand coast to coast. Westland’s brokers provide expert advice to home, business, farm, life, and auto insurance clients. Since its founding in 1980, Westland has remained a family-owned company that is committed to supporting its local communities. For more information, please visit www.westlandinsurance.ca

www.westlandinsurance.ca

 

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