Andre Beaudry appointed Executive Director of CMC

Doug Potentier, President of Co-operatives and Mutuals Canada (CMC) is pleased to announce the appointment of André Beaudry as Executive Director of CMC, effective October 15, 2018.

Mr. Beaudry was most recently Chief Advancement Officer at Saint Paul University where he worked to establish Canada’s first School of Social Innovation, Canada’s first School of Transformative Leadership, and founded the Mauril Bélanger Social Innovation Workshop. Mr. Beaudry is a fully bilingual senior not-for-profit sector/fundraising professional driven by mission, teamwork, organizational performance and transparency. In collaboration with colleagues and community leaders, Mr. Beaudry has secured over $140M in private and public sector funds in support of endowment, major infrastructure, mental health, applied research, special projects, and national and international education funding priorities.

“I’m truly honoured to take on this leadership role. Canada’s over 8,000 co-operatives and mutuals work hard every day to deliver high quality products and services to a growing membership of 20,500,000 in Canada. CMC is the leading advocate, awareness builder, source of evidence-based research, and professional development for Canada’sgrowing cooperatives and mutuals industry.

It will be a distinct pleasure to collaborate with the leadership of CMC’s board of directors and dedicated team to advancing the mission of its members.”

Prior to his role with Saint Paul’s University, André served as Vice President of Canadian Partnerships with Colleges and Institutes Canada (CICan) where he led a global team in OttawaLondonNew DelhiManila and Guangzhou.

“On behalf of the CMC Board, we welcome André and look forward to working with him and the CMC team on achieving our strategic directions through government relations, co-op development, support for research and education, and facilitating communications and dialogue among co-operatives,” stated Doug PotentierAndré brings experience in building partnerships and engaging leaders in business, government and communities that will help CMC grow as a national voice for co-ops.”

Mr. Beaudry will be replacing Denyse Guy, CMC’s founding Executive Director. Ms. Guy has served as Executive Director of the Canadian Co-operative Association (CCA) since 2012 and transitioned to CMC in October 2013 when the conseil de la coopération et de la mutualité and CCA joined forces. After more than four years leading CMC, and more than 35 years in the co-operative and mutuals sector, Ms. Guy departs in 2018 to focus on co‑operative education, facilitation and support opportunities nationally and internationally.

About CMC: Co-operatives and Mutuals Canada is the national, bilingual association for co-operatives and mutuals in Canada. Through advocacy with the federal government, CMC provides a knowledgeable voice committed to improving the economic and regulatory environment for co-operatives and mutuals on behalf of our members. CMC’s members come from many sectors of the economy, including finance, insurance, agri-food and supply, wholesale and retail, housing, health, forestry, education, funeral services, public utilities and community development. CMC provides leadership to support, promote, and develop the co-operative economy in Canada. The co-operative and mutual movement in Canada counts more than 20.5 million memberships from more than 8,000 co-operative and mutual enterprises.

SOURCE Co-operatives and Mutuals Canada

Manulife announces appointment of Chief Human Resources Officer and retirement of Chief Investment Officer

Manulife today announced it has appointed Pamela Kimmet as Chief Human Resources Officer. Ms. Kimmet will oversee the Company’s Human Resources function and provide leadership to the people and culture elements of the Company’s transformation. The Company also announced that Warren Thomson has made the decision to retire as Manulife’s Chief Investment Officer and Chairman of Global Wealth and Asset Management.

Chief Human Resources Officer

Ms. Kimmet’s appointment is effective October 1, 2018, and she will report directly to Manulife President and Chief Executive Officer Roy Gori.

Ms. Kimmet is a world-class Human Resources leader who most recently served as the Chief Human Resources Officer of Cardinal Health, a healthcare services and products company with 50,000 employees in nearly 60 countries around the world. Ms. Kimmet has also served as a member of Manulife’s Board of Directors since March 2016. She resigned from that role effective September 4, 2018. She previously led the HR function at a number of global organizations, including Coca-Cola Enterprises, Bear, Stearns & Co. and Lucent Technologies, and held strategic HR roles at Citigroup and General Motors.

“Pam’s vast experience across a variety of industries and geographies makes her the ideal leader to take on this important role,” Mr. Gori said. “Building a high-performing team and culture is one of our five strategic priorities as we transform our Company into a digital, customer-centric market leader. Pam joins us at a critical time in our history, and her expertise in talent development and organizational change will be of great value as we work to achieve our bold people and culture ambitions.”

Ms. Kimmet is a thought leader within the HR profession, serving as Chair of the HR Policy Association, and past Chair of the Association’s Center for Executive Compensation. She also serves on the advisory boards for Cornell University’sCenter for Advanced Human Resources Studies, and the University of South Carolina’s Center for Executive Succession. Ms. Kimmet was named a Fellow by the National Academy of Human Resources in 2009. In addition, she serves on the Board of Directors of Perspecta, a leading information systems and mission services provider to the U.S. government.

Chief Investment Officer

Mr. Thomson has announced his intention to retire effective February 28, 2019, following an extremely successful career with Manulife and John Hancock during which he made significant contributions to the Company’s long-term success.

Paul Lorentz, who currently reports to Mr. Thomson with responsibility for Manulife’s Global Wealth and Asset Management business, has been promoted to the role of President and Chief Executive Officer, Global Wealth and Asset Management effective March 1, 2019, and will report directly to Mr. Gori. Mr. Lorentz, who was appointed to his current role in October 2017, joined Manulife in 1993 and has delivered outstanding results in a variety of Wealth and Asset Management roles.

Scott Hartz has been promoted to the role of Chief Investment Officer effective March 1, 2019, and will also report directly to Mr. Gori. Mr. Hartz currently serves as Head of General Account Investments for Manulife, overseeing all U.S., Canadian and Asian general account investments, and has performed with excellence in this role. Mr. Hartz is also the Chief Investment Officer for John Hancock Life Insurance Company, a wholly owned subsidiary of Manulife.

“Paul and Scott are proven leaders who have built and maintained strong momentum across their mandates and teams,” Mr. Gori said. “I’m confident they will continue to create significant value for our organization, our customers and our shareholders.”

Spanning more than two decades, Mr. Thomson’s tenure at Manulife has been marked by his focus on finding attractive growth opportunities with appropriate risk profiles. His innovative approach, coupled with a forward-looking view of clients’ needs, helped make Manulife an international leader. Following his appointment as Chief Investment Officer in 2009, during the global financial crisis, Mr. Thomson led programs to de-risk the Company’s equity and interest-rate risk exposures.

Mr. Thomson also oversaw the establishment and growth of Manulife Asset Management. Manulife Asset Management’s assets under management grew from $94 billion in 2006 to $516 billion as of June 30, 2018. Mr. Thomson led the expansion of Manulife Asset Management into private assets, which saw the Company extend its investment offerings and bring its General Fund expertise in alternative asset classes to external investors.

As a leader, Mr. Thomson has a deep belief in the importance of diversity. He is a passionate advocate of gender diversity and an executive sponsor of Women in Capital Markets, who recognized him in 2016 as a “Champion of Change” for his role in encouraging the advancement of women.

“Warren has made numerous contributions across our global franchise. He is a trusted and respected leader, and he will leave a strong legacy,” said Mr. Gori. “On behalf of the Board and Executive Leadership Team, we thank him and wish him all the best in retirement.”

About Manulife

Manulife Financial Corporation is a leading international financial services group that helps people make their decisions easier and lives better. We operate primarily as John Hancock in the United States and Manulife elsewhere. We provide financial advice, insurance, as well as wealth and asset management solutions for individuals, groups and institutions. At the end of 2017, we had about 35,000 employees, 73,000 agents, and thousands of distribution partners, serving more than 26 million customers. As of June 30, 2018, we had over $1.1 trillion (US$849 billion) in assets under management and administration, and in the previous 12 months we made $27.6 billion in payments to our customers. Our principal operations are in AsiaCanada and the United States where we have served customers for more than 100 years. With our global headquarters in Toronto, Canada, we trade as ‘MFC’ on the TorontoNew York, and the Philippine stock exchanges and under ‘945’ in Hong Kong.

SOURCE Manulife Financial Corporation

New Life Course, Creative Uses of Life Insurance, Split Beneficiary Planning

New Life Course, Creative Uses of Life Insurance, Split Beneficiary Planning

Creative Uses of Life Insurance, Split Beneficiary Planning

This new Life/A&S course is now available and included as part of your ILS LIFE/A&S Course Subscription.

In this course, learn how in certain cases Split Beneficiary Planning allows for cash extractions (free of dividend tax) from the corporation in excess of actual policy premiums; how a separate and well drafted Split Beneficiary Agreement is required, including a defendable pricing model likely using NCPI as the source cost; and that specialized legal and tax advice may be needed before implementing such planning.

This course breaks down as follows:

  • Part 1: Corporations & Insurance
  • Part 2: Disruptions to Corporate Owned Insurance
  • Part 3: Agreements on the Use of Insurance with Corporations
  • Part 4: The Pricing Models



Corporate Insurability

1.Key Man Insurance.  In the event of the death of a key employee, a corporation could sustain material financial hardship.  Key Man Insurance provides funding to assist the corporation maintain working capital balances in the transition period after death.

2.Shareholder Agreements.  Shareholder agreements govern actions between shareholdings in the event of the death of a shareholder.  Some agreements obligate the corporation to redeem the shares in what is called a “Corporate Redemption or Corporate Repurchase”.  Insurance in this context provides the needed funds to repurchase the deceased’s shares.

3.Loan Offset Insurance.  Sometimes creditors of a corporation will ask that key people are insured.  Should they pass away, the insurance is used to repay corporate loans.

4.Buy-Out Insurance.  Similar to shareholder agreements, corporations that transition owner-managers (key people) will often insure one or both parties (acquirer and/or purchaser) so that financial exposure during the acquisition period is covered by insurance.

Corporate Funded Insurance – Benefits

While Living:

1.A corporation (with an insurance interest) is allowed to pay insurance premiums.

2.Corporate paid premiums are normally a “non-deductible expense” (called an “add-back” on the corporate tax return).

3.This allows payment of insurance AFTER corporate income tax but BEFORE personal dividend tax.


The Co-operators among the first to offer online self-serve term life insurance

The Co-operators today introduced Term Life 1, a new term life insurance option that can be purchased directly online, offering clients greater choice in the method they choose to purchase a term life product.

“Industry data shows that Gen X and Y Canadians have the greatest need for life insurancei but are underinsured. They are time and cost-conscious, busy with young families and are straddled with personal and work commitments. They don’t have time to meet with an advisor,” explains Alec Blundell, vice president of Individual Life Insurance, The Co-operators. “These clients are looking for an easy online solution and they want choice in how and when they interact with us. Creating Term Life 1 provides an online self-serve solution, which is tailored to those who need it most and in the way that’s most convenient for them. This is just one of the many ways we’re helping provide financial security to Canadians in an increasingly digital world.”

Term Life 1 is simple to understand, quote and purchase through a quick online process. Unlike traditional term life products that renew every 10, 15 or 25 years, Term Life 1 has annual renewal terms, similar to a home or auto policy. This ensures premiums are affordable and the annual premium increases are guaranteed and disclosed at the time of purchase. The online buying process can be completed in minutes, from the comfort of home or on the go with a smartphone or tablet, and does not require additional medical tests or telephone interviews.

The online process is easy. Individuals can get a life insurance quote at by entering their birthdate, gender, smoking status and their desired coverage amount. If the individual is 18 to 45 years old and seeking coverage of $50,000 to $450,000, a quote will appear for Term Life 1 and they can immediately apply online, or choose to contact an Advisor.  If they select our online self-serve option, a simple and automated step-by-step process will walk the client through their application – entering personal information, identifying beneficiaries, and answering 12 mandatory health and lifestyle questions. Most clients, if they’re eligible for Term Life 1, will complete the process in a few minutes with coverage in place.

If the client has a question at any point, they can call or email a dedicated client support team or use the in-app help features.

Once issued, the client is emailed the life policy. From there, they have the choice of interacting with The Co-operators in-person, over the phone or online for any future needs – providing a seamless experience.

Increasing online functionality
The Co-operators is committed to providing clients access to the same suite of products and services in-person, on the phone or online. This has led to the addition of several new online features. Clients can view their policies, access their auto liability (pink) slips, review policy documents, and start/track auto and home claims – all through their personalized Online Services account.

About The Co-operators:
The Co-operators Group Limited is a Canadian co-operative with more than $41 billion in assets under administration. Through its group of companies it offers home, auto, life, group, travel, commercial and farm insurance, as well as investment products.

The Co-operators is well known for its community involvement and its commitment to sustainability. The Co-operators is listed among the Best Employers in Canada by Aon Hewitt and Corporate Knights’ Best 50 Corporate Citizens in Canada. For more information, visit

SOURCE The Co-operators

New Public Disclosure Requirements For Canadian Life Insurers

Article by Carol Lyons


In Canada, the Office of the Superintendent of Financial Institutions (“OSFI“), is the federal regulatory authority over life insurers. On March 29, 2018, OSFI published its final version of a new guideline entitled Life Insurance Capital Adequacy Test Public Disclosure Requirements (the “Disclosure Guideline“).  The final version follows OSFI’s usual public consultation period during which insurers and other stakeholders were given the opportunity to provide comments and suggestions.

New LICAT Guideline

The disclosure requirements in the Disclosure Guideline go hand in hand with OSFI’s new Life Insurance Capital Adequacy Test (LICAT) guideline for 2018 (the “LICAT Guideline“) which came into effect on January 1, 2018.  The LICAT Guideline resulted from a recent overhaul of the prior Minimum Continuing Capital and Surplus Requirement (MCCSR) guideline for life insurers. The LICAT Guideline contains two different tests: simply put, a capital adequacy test (LICAT) for Canadian-incorporated life insurers and an adequacy of margin and assets test (LIMAT) that applies to foreign life insurance branches operating in Canada. The LICAT/LIMAT requirements establish standards used by OSFI to assess whether Canadian-regulated life insurers maintain adequate capital or an adequate margin to support risks specific to the life insurance business.  In other words, these requirements essentially comprise OSFI’s solvency tests for life insurers.

Disclosure Guideline

OSFI had previously announced that once the new LICAT/LIMAT requirements came into effect, it intended to promote enhancements to the regulatory framework for life insurers through information disclosures to support the revised regulatory capital/assets requirements.  The new disclosure requirements contained in the Disclosure Guideline are the result of this stated intention.

The Disclosure Guideline provides that the first LICAT public disclosure reporting period will be the year ended December 31, 2018, and that for the first year OSFI expects life insurers to apply the disclosure requirements prospectively with comparative period disclosures in subsequent reporting periods.  The disclosure is to be made on an annual basis, coinciding with the timing of the insurer’s annual report.  Insurers are to make the disclosures publically available on their websites, maintaining archives of previous disclosures.

The Disclosure Guideline states that the information disclosed should undergo the same scrutiny as the internal review and control process that applies to the insurer’s financial reporting.  According to OSFI, the internal audit function (or similar review function for the insurer) should confirm the company’s compliance with the Disclosure Guideline, both initially and subsequently on a periodic basis.

Guiding Principles

The Disclosure Guideline outlines five guiding principles designed to result in transparent, high-quality disclosures that will enable those reviewing the information to better “understand” and “compare” the disclosing life insurer’s business and risks.  According to OSFI, quantitative and qualitative information will “provide stakeholders with a broader picture of the life insurer’s capital and risk position and promote market discipline”.  In brief, the guiding principles require that disclosures must be (1) clear and accessible, (2) meaningful to users, (3) consistent over time, (4) comparable across life insurers (to enable meaningful comparisons), and (5) accompanied by the qualitative narrative (see below).

Quantitative and Qualitative Information

The Disclosure Guideline indicates that OSFI expects LICAT/LIMAT public disclosures to be “tailored to the nature, size and complexity of the insurer”.  However, public disclosures are required to include, at a minimum, quantitative data points outlined in two attached templates – one for Canadian incorporated life insurers (i.e. the LICAT public disclosure requirements) and one for Canadian branches of foreign life insurers (i.e. the LIMAT public disclosure requirements).  The templates are essentially a summary of the applicable capital/asset test that applies to the insurer along with a statement of the applicable minimum ratios required to be maintained (based on OSFI’s requirements) to enable the reader to gauge the insurer’s relative solvency strength.  Although the technical information required as depicted in the templates appears to be summary in nature, it is based on the sophisticated calculations required by the LICAT Guideline.

In addition to the minimum quantitative (technical) information that is required to be set out, the Disclosure Guideline also states that OSFI requires a minimum qualitative narrative that explains the reasons for any material LICAT/LIMAT movements from reporting period to reporting period and any other issues that management considers to be of interest to stakeholders.  Otherwise, the qualitative form of disclosure is “at the insurer’s discretion”. Overall, according to the Disclosure Guideline, quantitative and qualitative disclosures should be designed to provide stakeholders with a better understanding of an insurer’s capital and risk position, and promote market discipline.

Comments From Respondents

One comment made to OSFI during the consultation process that was published in OSFI’s announcement of the Disclosure Guideline suggested that the disclosure requirements are onerous and unwarranted because they are similar to those under Sarbanes-Oxley (SOX) in the United States. OSFI’s response was to underscore that the LICAT public disclosure requirements should be similar to those that apply to financial reporting, and that this is consistent with the disclosure requirements for deposit taking institutions. In addition, in its related Impact Analysis Statement OSFI stated that requiring consistent disclosure of LICAT solvency risk would assist to aid the public’s understanding of insurers’ solvency strength.  Therefore, in addition to resulting in overall transparency, there appears to be an expectation that the general public will be educated in how to evaluate the soundness of life insurance companies through access to the required disclosure.

Another comment made during the consultation process suggested that the disclosure would most likely be lost on the average policyholder due to its complexity, and some simplification was suggested.  OSFI’s reply was that the information is intended to inform stakeholders of the insurer’s business, governance, risk measurement and risk management in order to allow them to make informed decisions about the company.  OSFI’s response to this comment could infer that policyholders should be prepared and responsible to perform their own due diligence, by reviewing the public disclosures, before purchasing a product from a life insurer (or choosing to maintain a product in force).


In some respects, the new public disclosure requirements in the Disclosure Guideline do emulate public company disclosure requirements in the context of the capital markets. And, in many ways, life insurance policyholders are investing in their life insurance company, depending upon the product.  Putting aside the general liquidity issues with respect to life insurance products compared to publicly-traded securities, the new disclosure requirements should benefit policyholders and other stakeholders in assessing the soundness and solvency of their life insurer by giving them a new avenue to review the information disclosed and make an assessment, i.e. in addition to relying upon the rating agencies, or other public disclosure where the life insurer is publicly traded.

The foregoing provides only an overview and does not constitute legal advice. Readers are cautioned against making any decisions based on this material alone. Rather, specific legal advice should be obtained.

Source: Mondaq

Life insurance company denies claim for infant medivac hero

By  | Global News

A civil lawsuit has been filed in B.C. Supreme Court against a life insurance company which has denied the claim of a deceased veteran B.C. paramedic who co-owned Executive Air Ambulance.

“It’s a very bad denial,” said personal injury lawyer Scott Stanley of Murphy Battista LLP.

For close to 30 years, Matthew Cochlin worked for the BC Ambulance Service as part of the Infant Transport Team, transporting B.C.’s most critically ill babies.

He also co-owned Executive Air Ambulance — a full service air ambulance company.

In August 2016, Cochlin was diagnosed with esophageal cancer. The father of four lost his battle with cancer six months later on December 22, 2016.

He was 54 years old.

“‘It’s going to be OK.’ He died with me saying that,” said his spouse Tania Liemareff.

Months after Cochlin’s death, Liemareff said the life insurance claim was denied.

“You get your life set up the way it’s supposed to be and for it to play out this way, it’s not right,” she said.

Cochlin was a smoker and had a family history of cancer, both of which he disclosed to his life insurance provider — The Co-operators.

He was approved for coverage and paid high premiums, just under $4,000 yearly.

However, after Cochlin’s death, The Co-operators stated it had reviewed Cochlin’s medical records as well as his responses to health questions when he applied for his life insurance coverage.

The life insurance company accused Cochlin of failing to disclose facts that were material to the insurance risk in his telephone interview at the time of application which included seeking medical attention for workplace stress and sleep apnea.

In a statement to Global News, The Co-operators said:

“After a very thorough and careful review, it was determined that Mr. Cochlin did not disclose known facts that affected his insurance risk. For this reason, the policy was deemed void and a refund was issued for the premiums paid.” — Leonard Sharman, The Co-operators.

Stanley disagreed.

“The deceased disclosed quite candidly that he was a smoker and paid presumably the highest premiums because of that. It just doesn’t seem logical,” he said.

Stanley also alleged that, had The Co-operators been aware of Cochlin’s concerns over sleep apnea and work related stress, the life insurance company would have still insured Cochlin at the same premium.

“He was a snorer and he was investigated for that. It was never determined that he had sleep apnea. Even if he did and he had it and he didn’t disclose it, I still say that makes no difference. If you say I’m a smoker and I’m prepared to pay the most expensive insurance so I can have it, it shouldn’t make a difference like they say it should,” Stanley said.

Liemareff said all she can do now is wait patiently to see what the courts decide.

“He dedicated his whole being to making other people’s lives better and now when his kids need something back, it’s so heartbreaking,” she said.

Global News

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