New 2023 QC Requirements
To: All World Financial Group Insurance Agency of Canada Inc. (WFGIA) Agents Licensed in the Province of Quebec
Following the observations and recommendations from the most recent regulatory audit by the Autorite des Marches Financiers (AMF), all WFGIA agents holding a valid insurance license in the Province of Quebec are required effective March 6, 2023, to adhere to the following:
Insurance Sales Supporting Documents
No later than the policy delivery date submit to WFGIA Head Office their complete client file for every insurance business proposed in the Province of Quebec, including segregated funds. The files must include all supporting documents listed in the WFGIA Insurance Sales Package, including the checklist, which is attached for your reference. A step-by-step instruction on how to upload supporting documents is included in this communication.
WFGIA Head Office staff will review the provided supporting documents to ensure that agents are fulfilling their obligations, including offering suitable products to clients.
Segregated Funds Leveraged Transactions
WFGIA agents holding a valid insurance license in the Province of Quebec are not permitted to submit leverage transactions for both segregated funds (dealer 3057) and mutual funds (dealer 9960).
Insurance Contract Replacement Pre-Approval
Where the purchase of an insurance contract is likely to result in the termination, cancellation or reduction in benefits of another insurance contract, all WFGIA agents holding a valid insurance license in the Province of Quebec must obtain approval from WFGIA Head Office prior to the submission of the application for the new insurance contract.
Agents must first submit the fully completed contract replacement information sheet(s) (copy attached) and parts 1 and 2 of the Prior Notice of Policy Replacement form for review. Agents cannot proceed with insurance contract replacements without prior written approval by WFGIA Head Office staff. For all approved insurance contract replacements agents must send the full client file to WFGIA Head Office.
Failure to abide by the above requirements will lead to disciplinary measures, including but not limited to: warning letters, monetary penalties, suspension from submitting insurance business and possible termination from WFGIA.
Any questions or concerns related to this communication should be addressed to Mr. Pravish Nunkoo at pravish.nunkoo@transamerica.com
Following the observations and recommendations from the most recent regulatory audit by the Autorite des Marches Financiers (AMF), all WFGIA agents holding a valid insurance license in the Province of Quebec are required effective March 6, 2023, to adhere to the following:
Insurance Sales Supporting Documents
No later than the policy delivery date submit to WFGIA Head Office their complete client file for every insurance business proposed in the Province of Quebec, including segregated funds. The files must include all supporting documents listed in the WFGIA Insurance Sales Package, including the checklist, which is attached for your reference. A step-by-step instruction on how to upload supporting documents is included in this communication.
WFGIA Head Office staff will review the provided supporting documents to ensure that agents are fulfilling their obligations, including offering suitable products to clients.
Segregated Funds Leveraged Transactions
WFGIA agents holding a valid insurance license in the Province of Quebec are not permitted to submit leverage transactions for both segregated funds (dealer 3057) and mutual funds (dealer 9960).
Insurance Contract Replacement Pre-Approval
Where the purchase of an insurance contract is likely to result in the termination, cancellation or reduction in benefits of another insurance contract, all WFGIA agents holding a valid insurance license in the Province of Quebec must obtain approval from WFGIA Head Office prior to the submission of the application for the new insurance contract.
Agents must first submit the fully completed contract replacement information sheet(s) (copy attached) and parts 1 and 2 of the Prior Notice of Policy Replacement form for review. Agents cannot proceed with insurance contract replacements without prior written approval by WFGIA Head Office staff. For all approved insurance contract replacements agents must send the full client file to WFGIA Head Office.
Failure to abide by the above requirements will lead to disciplinary measures, including but not limited to: warning letters, monetary penalties, suspension from submitting insurance business and possible termination from WFGIA.
Any questions or concerns related to this communication should be addressed to Mr. Pravish Nunkoo at pravish.nunkoo@transamerica.com
Helpful Forms/Information
| Checklist |
| Uploading Guide |
| Contract Replacement Info Sheet |
| Updating Tracking Sheets |
| Branch Visit Presentation |
