New guidance will target responsibilities of insurers, MGAs, and identify suitability requirements for life agents
The quarter also saw net outflows, lower AUM
Growth in wealth management and Canadian insurance activities led to the gain
The clampdown includes the sale of unsuitable universal life policies
Total premiums collected by insurers also rose in 2022, according to the CLHIA
Alleged misconduct included untrustworthiness, fraud and deception
Although there are tools to help, financial advisors still say it’s best to maintain updated information
Rising interest rates led to drops in net income for Great-West Lifeco and Sun Life
Advisors should be as thorough as possible when going through insurance applications with a client
FSRA brought similar allegations against the agent earlier this year
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