The weekly bulletin informs members recent initiatives, campaigns and more, so check it consistently to stay up-to-date with ways to grow your business.
COVID-19 Update
It is encouraging to hear from our provincial government on the progress in halting the spread of COVID-19. Everyone should continue maintaining high level of personal hygiene and be mindful of the following when you enter the office:
- Sanitize your hands and put on a face mask;
- Keep a good distance when communicating with each other in person; and
- Ask your visitors to do the same above.
Our Processing and Accounting teams remain in full-day service while training sessions and client seminars are convened virtually.
Send us an e-mail for any enquiry or request you may have:
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- process@wayfinancial.ca (for business related matters)
- account@wayfinancial.ca (for compensation related matters)
- admin@wayfinancial.ca (for licensing, E&O and other matters)
We will be following the Government’s advice over the next few weeks and inform you when in-person sessions such as training will reconvene. Let’s continue our efforts to keep this virus at bay.
Carriers Updates
iA
iA has confirmed that ExamOne will do paramedical for life cases greater than $3M or $50K minimum premium or CI cases greater than $1M with iA. This means you can still offer larger coverage for your clients now and not need to wait.
Contact Rishu Bains at rishu.bains@ia.ca or (604)354-2711 or Jackie Singzon at jacqueline.singzon@ia.ca or (604)220-7692 for more details.
Canada Life
Canada Life is introducing the New CI Term 20, which is available from May 25th onwards, to give your clients more options and flexibility to satisfy their needs in different stage of lives, up to $3M. Your clients can convert from CI T10 to T20, and CI T20 can convert to designated Level Premium Term to age 75 or Permanent Level paid up at age 100 plan.
At the same time, LifeAdvance CI will also be repriced, with price decrease for Term 10 and Level Premium Term to age 75, and price increase for the rest of the plans.
Concourse 4.3 will be ready for download in RepNet on May 25th, 2020 to reflect the new features and rates.
So submit your e-app by day-end on May 24th and send your new business package to Processing Department on May 25th to make use of the existing premiums schedule.
The attached PDF CL T20 Product & Repricing will give you more information and feel free to contact Carol Ng at Carol.Ng@CanadaLife.com or (604)377-7203 or Hinris Chan at Hinris.Chan@canadalife.com or (604)443-8247 if you have further questions.
In addition, see CL’s updated dividend scale effective July 1, 2020 here: 2020 dividend scale announcement page
Sunlife
Sunlife is accelerating the roll-out of its e-App. To help you get ready, check out the Welcome Package here, which includes:
- How-to videos showing the Sun eApp in action
- Highlights of Sun eApp’s many features
- Instructions on how to get access
Contact Viola Lam at Viola.Lam@sunlife.com or (604)417-0791 for more details.
Business Processing Updates
Policy E-Delivery
Given the various updates by carriers on new e-delivery of insurance policies, here is a quick summary for your reference:
Canada Life
- An e-version of the policy along with delivery documents is available on your Repent NBN around 3 days upon underwriting approval.
- Send signed documents to the Office for policy placing as per usual.
Equitable Life
- Advisor will receive an e-mail directly on e-policy and will sign in to e-sign, after which the document will be sent to their clients to e-sign.
- Download copy of delivery receipt signed by both advisor and client and send to the Office.
iA
- Client will receive e-mail from Carrier directly on issuance of policy. Advisor will be copied in the correspondence and is expected to go through the message with their client.
- No signatures required so forward the e-mail to the Office in the case the Carrier missed sending process@wayfinancial.ca in the original e-mail notification.
New Business Submission
Please remember existing new business processing guidelines (submission with compliance package) remain unchanged. A policy delivery without the new business package or relevant documents is not compliant and Processing Team will give the member a deadline to submit the required documents, after which all processing for the member’s business can only be halted until compliant requirements are satisfied.
For members using existing and still valid compliance documents, please indicate note “reusing CP” along with your new business package or e-mail so Processing Team will not deem those documents as outstanding and hold your business processing.
Feel free to reach out to the Processing Team for any question.
Compliance Rules and Regulations – Guidelines on Rebating
This is a friendly reminder of the current guidelines on rebating.
Financial Institutions Act
Part 3, Division 4, Section 79 (1) :
Rebates of premiums prohibited
A person, in relation to the sale of insurance, must not, directly or indirectly, pay or allow, or offer or agree to pay or allow, a rebate of premium or part of it or other consideration or thing of value intended to be a rebate of premium, unless the rebate of premium is less than a prescribed amount or percentage.
It is further interpreted in Section 2 of the Marketing of Financial Products Regulation in the Financial Institutions Act that:
Permitted rebate of premium
For the purposes of section 79 (1) of the Act, a rebate of premium must be less than 25% of the premium.
The BC Financial Services Authority has a more clear explanation that rebating is permitted as long as the amount being rebated is less than 25% of the first year gross premium only.
Members should adhere to these guidelines and ask Stephen Lai if you have any question at stephen.lai@wayfinancial.ca or (604)279-0866 ext.114.
Upcoming Virtual Trainings
Market Updates — CL Richard Chen
Join Richard’s presentation on the latest market updates.
Click on the link below to join:
Business Management on Group Plan vs My HSA. Which One is Better? — Stephen Lai
Come learn how efficient business operations can enhance your business volume and compensation.
Part 1 – Introduction to myHSA by Tim Kane
Click on the link below to join part 1:
https://us02web.zoom.us/j/2681527669
Part 2 – Introduction to Group Benefits and comparison of the 2 different plans by Stephen Lai
Click on the link below to join part 2:
Impact of COVID-19 to Group Benefits and How to Manage Renewals — CL Jason Yang
Learn about the impact of COVID-19 to group benefits and renewal management.
Click on the link below to join:
Insurance Council License Renewal Deadline Soon
The June 1st deadline for renewing your license is fast approaching. Send admin@wayfinancial.ca a copy of your renewed license to have it distributed to the relevant carriers to ensure your business processing and compensation payments carry on without interruption. Do not send us the payment receipt as carriers do not accept this as a record of your renewed license.
The filing fee for this year is $225 (including government fee). After June 1st, all filings received will be subject to a late fee ($200) for a total of $425.
Please be aware that any licenses not renewed via annual filing by July 31st, 2020, will be terminated automatically for non-filing.
How to File
You can complete your filing online at insurancecouncilofbc.com/annualfiling.
Filing consists of:
- Completing your filing declaration
- Remitting the annual filing fee
See Filing Instructions.
Deadline to Complete Continuing Education Extended
The deadline for Insurance Council licensees to complete annual continuing education (CE) requirements for 2020 has been extended to the following year, May 31st, 2021. Licensees will still need to complete annual filing for this year by June 1, 2020 even if you haven’t completed your CE credits yet.
Go to the Council’s website for more information on the extension, including a Q&A.
Events Schedule – June
The Events Schedule for June is attached for your reference.