CLHIA Proposal on a Restricted Insurance Agency Licensee (RIAL) Advisory Committee of the Saskatchewan Insurance CouncilsRelease Date: 12/19/2014 Staff Reference: Erica M Hiemstra
December 19, 2014
Mr. Ron Fullan
Insurance Council of Saskatchewan
2631 - 28th Avenue
Regina Saskatchewan S4S 6X3
Dear Mr. Fullan,
On behalf of the Canadian Life and Health Insurance Association, I am pleased to provide the enclosed additional comments on our proposal for a Restricted Insurance Agency Licensee (RIAL) Advisory Committee of the Saskatchewan Insurance Councils.
Established in 1894, the CLHIA is a voluntary trade association that represents the collective interests of its member life and health insurers. The Association’s membership accounts for 99 per cent of the life and health insurance in force in Canada and administers about two-thirds of Canada’s pension plans.
The industry provides a wide range of life and health insurance products and services that are critical to protecting the financial future of some 870,000 Saskatchewan residents. In 2013, the people of Saskatchewan received about $36.5 million a week in benefit and dividend payments from life and health insurance policies and annuities. Our members distribute products through a number of channels, including agents and brokers (represented through the Life Council) and many of the restricted insurance agency channels.
As indicated in our June 2013 proposal, we strongly believe the purpose of the Advisory Committee would be to ensure the Councils have the benefit of expert information and advice when dealing with issues involving RIALs. The Advisory Committee approach could provide access to such expertise without adding unnecessary or burdensome additional structures.
Once the Advisory Committee is launched, two initial issues it may want to consider are:
- · Developing a recommended protocol for complaints against RIALs.
· Developing a recommended protocol for RIAL representation in disciplinary matters involving RIALs.
(Original signed by)
Director, Distribution and Consumer Affairs