Regulatory Alerts2004-01-30
Added · Updated
Notice 120 Disclosure and Advisory Process Requirements For Accident and Health Insurance Products
This Notice establishes mandatory requirements and best practice standards for the disclosure of information and provision of advice to policy owners for accident and health policies and life policies providing such benefits. It applies to direct insurers, licensed and exempt financial advisers, insurance brokers, and insurance agents when they provide advice or arrange contracts for these products. The document mandates specific disclosures regarding intermediary details, remuneration, conflicts of interest, policy nature, benefits, risks, and claims procedures, while also regulating marketing materials and telemarketing practices.