Posts Tagged “orphan policies”

Cancellation of an agent contract: Better ethics and disclosure required…

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  When an insurer cancels the contract of one of its independent representative, this can be a difficult situation for all involved. This is why this type of situation must be dealt with professionalism and integrity respecting the rights of all parties involved which are the insurer, representative and policy owner.   So why is…

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A PUBLIC DENUNCIATION AND ACCUSATION

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  Because of Yan Paquette, Manulife has still not been held responsible for thousands of infractions … (Richard Proteau 2015)   It is undeniable that the public has lost confidence in the professionalism, integrity and objectivity of our justice system. This explains why some lawyers believe that the law and ethics are unnecessary and only…

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Evidence of wrongdoings in orphan cases is coming out in Quebec…

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  I have been locked in a legal battle with the government of Quebec and Manulife in regards to orphan cases for more than 5 years. In those 5 years, one of the major legal battles that I have won was to force the government of Quebec through its regulator to interpret the law in…

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The Grand Insurance Theft: Bill 177, stealing the life policies of Saskatchewan policy owners

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  Unraveling the Universal Life Scam   Dear Saskatchewan MLA,   For more than 70 years in Saskatchewan, policy owners have been unrestrained in their enjoyment of their life policies which has been long recognized by law as a form of intangible personal property. Canadian laws and culture promote the freedom of Canadians in dealing…

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Commercial Union Heist: Did Manulife steal the commission of the advisors of this company?

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I was recently talking to a former advisor of Commercial Union who told me how his yearly commission of $ 7,500 went missing with the acquisition of Commercial Union by Manulife.   I was not surprised to learn of this having been involved in the Cormier case. Cormier was a former advisor of Commercial Union…

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THE AMF CONDITIONALLY LEGALIZED PAYMENT OF COMMISSION ON TERM CONVERSION TO UNLICENSED INDIVIDUALS AND MUCH MORE…

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In a notice on May 23rd, the AMF informed insurers and advisors that the existence of orphan policies was in violation of several articles of the Law on the distribution of financial products and services and of the Insurance Act.   However the AMF went much further than this. Instead of interpreting the law, the…

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Press Release: Precisions on the Notice of the AMF regarding orphan policies

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http://www.lautorite.qc.ca/files/pdf/bulletin/2013/vol10no20/vol10no20_3-1.pdf/   On may 23rd, the l’Autorité des Marchés Financiers (AMF) announced in the Notice above (in French only) that the existence of orphan policies constituted infractions under article 16 of the Act respecting the distribution of financial products and services, L.R.Q., c. D-9.2, and also under articles 4, 23 and 24 of the code…

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Orphan Policies and service

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Orphan policies These are insurance policies where no service is provided or can be provided because there is no advisor or no valid advisor on the policy.   The concept of orphan policies has been recognized by the Court in this case:   http://www.canlii.org/eliisa/highlight.do?text=Assante&language=en&searchTitle=Quebec&path=/fr/qc/qccs/doc/2008/2008qccs802/2008qccs802.html   The Court recognized different types of orphan policies. Orphan policies…

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Service, what service?

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To sell an insurance policy, an advisor is subject in Quebec to a code of ethics and to the Law on the distribution and service of financial products. What is not understood is that the code of ethics and the law only regulate the actions of the advisor at the point of sale and do not…

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Orphan policies – The shame of an industry

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Thousands of owners of life insurance policies are at present without a servicing advisor with a valid license who can help them benefit from the various options offered under their insurance contract. The culprits, certain insurance companies are in conflict of interest. The regulators close their eyes on this situation. During this time, the insurance companies can artificially…

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