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Types of Mandatory Disclosure for Agents and Brokers

Insurance representatives, trainees and grandfathered employees (“article 547s”) must all disclose certain types of information to their clients. Their obligations may be found in the Act respecting the distribution of financial products and services, in its implementation regulations and in the Code of ethics of insurance representatives. During an inspection, the ChAD inspector verifies whether the firm and its representatives are aware of their obligations and how they fulfill them.

In this article, we will be discussing three obligations: properly identifying oneself, disclosing fees not included in the premium and disclosing the names of the insurers.