Brokers group hits out at insurers over compensation guideline

Posted onAuthorDave Patriarche

Proposed guidelines on compensation disclosure in group benefits has received short shrift from a national brokers group. Members of the Canadian Group Insurance Brokers (CGIB) claim the Canadian Life and Health Insurance Association’s (CLHIA) consultation process has neglected their views. Earlier this month, CLHIA head Stephen Frank announced that Guideline G19 – Compensation Disclosure in Group Benefits and Group Retirement Services – would be held back until January 1, 2019. This, he explained, would provide insurers more time to properly engage with advisors and brokers. According to CGIB head Dave Patriarche, however, this isn’t the case, and brokers have been largely left out of any real decision making.