The Principles for the Sale of Insurance: A Consumer Protection Document outlines expectations respecting the need for disclosure on a variety of items, one of which is compensation arrangements. The document expressly clarifies that a Client has the right to know the amount of commission that was paid for a transaction. Clients may have general questions about compensation that you routinely encounter as part of your sales discussion. You can address these questions as you normally would. If, however, specific or detailed compensation amounts on an insurance product sale are requested by the Client, please email REMUN, and we'll generate a letter to the Client with this information. For segregated fund contracts, contact your dealer.
Complementing our Sun Life disclosure practices
This document will complement the industry disclosure guidelines that you already provide Clients prior to the sales transaction.
Principles for the Sale of Insurance: A Consumer Protection Document
Note:
- Since this is a government document, please ensure it's printed on plain white paper, not Sun Life letterhead and is not altered or changed in any way.
- As a best practice, document your delivery of this item to each Client to support this requirement.
If you have questions about this document or about how or when to deliver this document, contact: Qualbus
Script for introducing the Principles for the Sale of Insurance - A Consumer Protection Document
Here’s an example of what you might say to a Client to explain what the document is if they need to receive a copy:
"The Government of Newfoundland and Labrador has asked all insurance companies, brokers or advisors to provide Clients with a new consumer protection document. I brought a copy for you.
For all insurance, be it automobile, homeowners, commercial, marine, life or other types of insurance, this document must be provided so that you can make informed decisions about your insurance product.
Many of the points described in this document relate more directly to property and casualty insurance, rather than the product you recently purchased from Sun Life. It's my job to ensure you receive all the information you need to make appropriate decisions about [type of product] that best meets your needs.
If you have any questions specific to the document, you can contact the Government of Newfoundland and Labrador at the phone number provided at the bottom of the document. If you have questions specific to the product you purchased, you can speak with me."
