SSQ Insurance CEO Jean-Francois Chalifoux named 2018 Financial Personality of the Year

SSQ Insurance proudly welcomed the news of their CEO Jean-François Chalifoux’s designation as the 2018 Financial Personality of the Year. Chalifoux was honoured by an independent jury of industry peers as part of the annual Top 25 financial industry ranking by Finance et Investissement.

“I’m very pleased to be receiving this award, which I wish to share with my SSQ Insurance colleagues. I’m happy to be able to count on the 2,000 employees dedicated to our organization. Their commitment and involvement in the company’s projects has allowed SSQ Insurance to continue to grow and position itself well in the industry,” said Chalifoux. “I thank them for their hard work and dedication.”

Jean-François Chalifoux is a leader with a vision who has focused the company’s efforts on performance and innovation to maximise the company’s results. The members of the jury acknowledged his strategic audacity and sense of innovation in addition to the company’s growth.

Chalifoux joined SSQ Insurance as CEO in September 2015. Since then he has orchestrated the company’s transformation. Following the implementation of a new organizational model, the merger of the company’s legal entities and the introduction of an ambitious strategic plan, the company launched its new brand identity in 2018 as the crowning achievement of the changes for the company’s members, customers and partners.

About Top 25 ranking of Quebec’s financial sector
Each February, the French-language publication Finance et Investissement hands out its Top 25 ranking of Quebec’sfinancial industry personalities, including the Financial Personality of the Year. This honour is an acknowledgment of the influence, exceptional achievements and remarkable growth of the company under their management.

The Top 25 of the financial industry as determined by Finance et Investissement pays tribute to 25 standout leaders who live and work in the province of Quebec and whose accomplishments stood out in the last year. The award winners are chosen by a jury made up of outstanding members of the financial industry.

About SSQ Insurance
Founded in 1944, SSQ Insurance is a mutualist company that puts community at the heart of insurance. With $12 billion in assets under management, SSQ Insurance is one of the largest companies in the industry. Working for a community of over three million customers, SSQ Insurance employs 2,000 people. Leader in group insurance, the company also sets itself apart through its expertise in individual life and health insurance, general insurance and the investment sector. For more information, please visit ssq.ca.

SOURCE SSQ Insurance

ssq.ca

Morneau taking close look at return to 30-year insured mortgages

By Bill Curry | Ottawa

The Globe and Mail

The federal government appears to be considering a budget announcement that would allow first-time homebuyers to obtain 30-year insured mortgages, up from the 25-year limit now, according to the Canadian Homebuilders’ Association.

Such a move would represent a change in direction after more than a decade of measures by federal Conservative and Liberal governments since the 2008 recession aimed at cooling housing markets and encouraging Canadians to take on smaller mortgages.

While the Bank of Canada continues to express concern about high household debt, politicians are also getting an earful from younger Canadians – a potentially key voting demographic – who can’t afford to enter the housing market.

Finance Minister Bill Morneau’s coming budget will be the government’s last before the scheduled October election. The minister recently said he is looking at home affordability issues for millennials, but he has not publicly speculated on potential policy options.

Over the past two weeks, top officials from the Prime Minister’s Office and Mr. Morneau’s office met with Kevin Lee, the chief executive of the Canadian Home Builders’ Association, to discuss potential budget measures.

Association spokesman David Foster said there is clear interest from government in the request put forward by housing industry groups to bring back 30-year insured mortgages.

“They keep wanting to talk with us about it, and it wouldn’t cost them a dime, so I’ve got to think those are somewhat positive signals,” Mr. Foster said on Wednesday.

The association discussed the matter earlier this week with Mr. Morneau’s chief of staff, Ben Chin. They also met last week with Sarah Hussaini, a policy adviser in the Prime Minister’s Office.

Pierre-Olivier Herbert, a spokesperson for Mr. Morneau, declined to comment, saying the office does not speculate on potential budget measures.

The association has had several meetings with officials and MPs over the past year in the run-up to the 2019 pre-election budget and recently narrowed down its wish list to just two items: a return to 30-year insured mortgages for first-time homebuyers and an easing of stress test measures that restrict access to non-insured mortgages.

Mr. Foster said officials are expressing interest in both options, but especially the 30-year mortgage proposal because it can be enacted unilaterally by the Finance Department. Changes to the stress test would require the co-operation of the Office of the Superintendent of Financial Institutions, an independent regulator that just this week defended the existing rules.

MP Francesco Sorbara, who chairs a Liberal caucus on housing affordability issues that formed last year and is a member of the House of Commons finance committee, did not dismiss the 30-year mortgage proposal as a way of helping first-time homebuyers.

“It is one idea of many that is worthy of consideration, with the caveat that we maintain a secure and healthy housing market and that individuals are not overextending themselves,” he said.

Paul Taylor, president and CEO of Mortgage Professionals Canada, is also advocating for the 30-year mortgage option and said he was “encouraged” by Mr. Morneau’s recent comments about addressing affordability for millennials. However, Mr. Taylor said he has not received any indication from federal officials that a decision has been made.

The date of the budget has not yet been announced. The House of Commons only sits for one week in March, which makes the week of the 18th a likely window for the minister to deliver the budget. However, there is also speculation in Ottawa that the budget could be released in the final week of February.

Homebuyers with a down payment of at least 5 per cent of the purchase price but less than 20 per cent must be backed by mortgage insurance. This is offered by the Canada Mortgage and Housing Corp. – a Crown corporation – as well as two private insurers.

In 2008, after briefly allowing insured mortgages with a 40-year amortization period, then-Conservative finance minister Jim Flaherty reduced the maximum period to 35 years. The Conservative government lowered the maximum to 30 years in 2011 and acted again in 2012 to bring it to 25 years, where it has stood since. The moves were promoted as a way to prevent high-risk borrowing.

Shortly after the Liberals formed government in 2015, Mr. Morneau announced further mortgage tightening rules that December by doubling the size of the required down payment for insured mortgages for the portion of a home’s value from $500,000 to $1-million.

Mr. Foster, of the home builders’ association, said restricting insured 30-year mortgages to first-time homebuyers should prevent consumers from getting in over their head.

Millennials have most of their working years ahead of them and would likely pay off the mortgage sooner than 30 years, he said.

“We don’t think it involves any additional risk,” he said. “These are prime borrowers.

Source: The Globe and Mail

Genworth MI Canada Inc. Announces Appointment of Rajinder Singh as a Director

The Board of Directors of Genworth MI Canada Inc. (the “Company“) (TSX: MIC) are pleased to announce today that Rajinder Singh has been appointed to the Board of Directors of the Company and its main operating subsidiary.  Mr. Singh has served as the Chief Risk Officer of Global Mortgage Insurance for Genworth Financial, Inc. since 2014 and has previously served in similar roles at CitiMortgage and GE Capital. Mr. Singh also serves as director on the boards of India Mortgage Guarantee Corporation and of Genworth Seguros de Credito a la Vivienda, Mexico.  Mr. Singh has his Master of Business Administration in Finance from the University of Rochester’s Simon Business School, a Master of Science in Mechanical and Aerospace Engineering from Rutgers University, and a Bachelor Technology in Mechanical Engineering from the Indian Institute of Technology Kanpur.

“We’re delighted to have Raj Singh as a new member of the Board. Raj’s expertise and depth of knowledge will be invaluable to our organization,” said Brian Hurley, Chairman of the Board of Genworth MI Canada Inc. “The Board of Directors and I are excited and look forward to working with him,” added Mr. Hurley.

The Board of Directors also announce the resignation of Leon Roday as a Director of the Company and of its main operating subsidiary. The Board of Directors wishes to thank Mr. Roday for his years of dedicated service to the business.

About Genworth MI Canada Inc. 

Genworth MI Canada Inc. (TSX: MIC) through its subsidiary, Genworth Financial Mortgage Insurance Company Canada (“Genworth Canada“), is the largest private residential mortgage insurer in Canada. The Company provides mortgage default insurance to Canadian residential mortgage lenders, making homeownership more accessible to first-time homebuyers. Genworth Canada differentiates itself through customer service excellence, innovative processing technology and a robust risk management framework. For more than two decades, Genworth Canada has supported the housing market by providing thought leadership and a focus on the safety and soundness of the mortgage finance system. As at December 31st, 2018, Genworth Canada had $6.9 billion total assets and $4.0 billion total shareholders’ equity. Find out more at www.genworth.ca.

Contact Information:
Investors – Jonathan Pinto, 905-287-5482 or jonathan.pinto@genworth.com 
Media – Susan Carter, 905-287-5520 or susan.carter@genworth.com

SOURCE Genworth MI Canada

Almost two-thirds of Canadians either don’t buy or are unsure if they have trip cancellation insurance before leaving on holiday.

Read more

Gallagher Benefit Services Canada Names Melanie Jeannotte New National President

Arthur J. Gallagher & Co., a global leader in insurance brokerage, risk management, and consulting services, announced Melanie Jeannotte as its new National President of Gallagher Benefit Services (Canada) Group Inc. Prior to her promotion, Jeannotte served as Area President, Western Canada for Gallagher’s Benefits & HR Consulting Practice.

Melanie Jeannotte – National President for Gallagher Benefit Services (Canada) Group Inc.

The Gallagher Benefit Services (GBS) division has experienced transformational growth over the past several years. GBS Canada has grown sizably in reach and service offerings through its holistic benefits focus on organizational wellbeing and by partnering with exceptional, local merger partners coast to coast—from Victoria, British Columbia to Atlantic Canada.

Leslie Lemenager, President of Gallagher’s International Employee Benefits Consulting and Brokerage, shared, “We are proud to be locally grown and globally known. Our business in Canada has reached a size where it is important to evolve our management structure to scale for the future. Given Melanie’s leadership skills and expertise in growing businesses, naming her to this new role of National President for GBS Canada will enable us to continue to expand our client-service capabilities across Canada.”

The company’s comprehensive approach to Benefits & HR Consulting goes well beyond basic health care coverage. Its total wellbeing framework involves a spectrum of innovative solutions encompassing benefits, retirement, employee communications and workplace culture programs. It’s an approach focused on attracting and retaining top talent while driving greater productivity, profitability and organizational growth.

Jeannotte remarked, “I’m excited for this new opportunity and to be a part of GBS Canada’s tremendous growth story. I feel fortunate to work alongside some of the best consulting experts across the country.” She continued, “Together, we have unlimited opportunity to help employers of all sizes manage their benefits and HR programs more strategically to reward and attract the talent they need to grow while benefiting their balance sheets.”

Arthur J. Gallagher & Co. (NYSE: AJG), a global insurance brokerage, risk management and consulting services firm, is headquartered in Rolling Meadows, Illinois.  The company has operations in 35 countries and offers client service capabilities in more than 150 countries around the world through a network of correspondent brokers and consultants.

Media Contact:
Anna Rozenich – Gallagher Benefit Services Media Relations
630.285.5954 or anna_rozenich@ajg.com

SOURCE Gallagher

Licensing FAQ’s for General Insurance Agents in Ontario

Licensing FAQ’s for General Insurance Agents in Ontario

General Insurance Agents – Ontario

New

I want to become a general insurance agent. What are the qualifications and how do I apply?

In order to obtain a license as a general insurance agent, an applicant must:
1. Have their sponsoring company initiate the online General Insurance Agent application accessible through Licensing Link and pay the required fee;
2. Be familiar with the laws of Ontario relating to the licensing of general insurance agents.
3. Be sponsored by a licensed insurer.
4. Hold himself/herself out publicly and carry on business in good faith as a general insurance agent only in the name in which the agent is licensed.
5. Not be engaged in any other business or occupation that would jeopardize the person’s integrity, independence or competence.
6. Be of good character and reputation.
7. Be a suitable person and meet all the licensing requirements.
8. Possess the appropriate educational background.
9. Provide FSCO with an Ontario mailing address that is suitable to permit service by registered mail.

What is the difference between a General Insurance Agent and a General Insurance Broker in Ontario?

Education

What are the educational requirements to become a general insurance agent?

To become licensed as a general insurance agent, the applicant must successfully pass the qualifying examination for general insurance. Examination results are valid for one year and must be forwarded to Financial Services Commission of Ontario (FSCO) when applying. FSCO does not conduct the examinations. General agents are exempt if they have a Chartered Insurance Professional (CIP) designation or successfully passed the equivalent RIBO exam.

Exam Preparation Course

I am a new agent, how do I apply for a general insurance agent license?

New agents should contact their sponsoring company to initiate an online application on their behalf. New agents are unable to submit an application without a sponsor.

Renewal

How do I renew my General insurance agent license?

Insurance agents’ licenses are renewed every two years. Agents must renew their license within 60 days prior to the expiry date on their existing license.
Applicants who have been unlicensed for two or more years will have to re-qualify as a new agent, including redoing the General Insurance examination.

All renewal applications are submitted online via Licensing Link and are initiated by the sponsoring insurer.

Payment/Fees

How much is the fee to obtain/renew my general insurance agent license?

The fee for an insurance agent license and/or to renew an insurance agent license is $150. This fee covers a two-year license period.

Sponsorship

General insurance agents require sponsorship at all times to maintain their license.

Transfer of Sponsorship

I no longer wish to remain with my sponsor. Can I move to another sponsoring company?

Sponsored agents can transfer out of their sponsorship and move to another sponsor.
The current sponsor should terminate the license online so the new sponsoring company can pick up the license and transfer to their company.
Please contact your current and new sponsor for information as the transfer application is created by the sponsor on behalf of the agent.

How much is the fee to transfer my license to a different sponsoring company?

The fee is $50 to transfer your license from one sponsoring company to another. The fee is paid online through Licensing Link. The application is created by the sponsoring company. Please contact your sponsor on how to submit an application.

Terminations

I am a sponsored general insurance agent and wish to terminate/surrender my license. How do I notify FSCO of this?

Sponsored agents shall have their sponsoring company submit an online termination on their behalf. Please contact your sponsoring company to terminate your license.

I want to terminate/surrender my license, but I do not want to lose the qualifications in case I decide to come back into the industry. Are there any provisions, time frames in which I can reinstate my license without taking the qualifying exam again?

Agents have the option of terminating their license and may have their license within two years of the date of termination/expiry (whichever comes first) without having to re-qualify.
Applicants who have been unlicensed for two or more years will have to re-qualify as a new agent, including re-writing the qualifying exam. Please contact your sponsor to terminate your license.

This information is provided for guidance only. The above information was originally provided on the FSCO website.

About FSCO.

FSCO was established under the Financial Services Commission of Ontario Act, 1997 (FSCO Act) with a legislative mandate set out in the FSCO Act.  FSCO’s legislative mandate is to provide regulatory services that protect the public interest and enhance public confidence in the sectors it regulates. FSCO regulates the insurance sector; pension plans; loan and trust companies; credit unions and caisses populaires; the mortgage brokering sector; co-operative corporations in Ontario; and service providers who invoice auto insurers for statutory accident benefits claims. FSCO is accountable to the Minister of Finance. In order to support FSCO’s legislative mandate, the FSCO Act sets out a three-part structure for FSCO, which includes the Commission; the Superintendent of Financial Services and Staff; and the Financial Services Tribunal (Tribunal).

Subscribe To Our Newsletter

Join our mailing list to receive the latest news and updates from ILSTV

You have Successfully Subscribed!

Pin It on Pinterest