broker contracting requirements
DESCRIPTION
rpp2014-Chin.Phys.C.38.090001TRANSCRIPT
Retail Markets Page 1 of 5 The information in this document is subject to change without notice.
For advisor use only. This document is not intended for public distribution. The Standard Life Assurance Company of Canada
December 2010
Broker contracting requirements
This guideline will provide you with information on how to complete and submit the required documents to apply for a broker contract with The Standard Life Assurance Company of Canada. Topics covered in this guideline are: Documents required – pages 1 to 3 Proof of license and liability insurance requirements – page 3 How to send documentation – page 4 Where to send documentation – page 4 Confirmation of contract – page 4 Checklist – page 5 Documents required
Distributor’s Broker Agreement Form 6820
Complete the Agreement as follows:
Page 1 – Identification area
On the lines provided, enter the names of the:
Broker or broker’s corporation name (name entered should match the name on the broker’s license or broker’s corporation license).
General Agent, Associate General Agent, Personal Producing General Agent or Distributor through which the broker is placing business.
General Agent when the Distributor is an Associate General Agent.
Page 4 – Section 17. Notice
To the Broker, To the Distributor, To the General Agent
In the three areas provided, enter the full addresses (street address, suite/office number, city, province and postal code) of the broker, distributor, and if applicable, the General Agent.
Page 5 – Signatures
Broker
Print the name of the broker, or if applicable, the broker’s corporation name where indicated.
When the broker is an individual, his/her signature is required on the line designated as Signature of Authorized Signing Officer.
When the broker is a corporation, the authorized signing officer(s) print their names and sign on the designated line(s).
Enter the date of signing.
Retail Markets Page 2 of 5 The information in this document is subject to change without notice.
For distributor use only. This document is not intended for public distribution. The Standard Life Assurance Company of Canada
December 2010
Broker contracting requirements
Documents required cont’d
Distributor’s Broker Agreement Form 6820 Cont’d
Page 5 – Signatures cont’d
Distributor
Print the names of the Distributor and authorized signing officers.
The authorized signing officers sign on the designated line(s).
Enter the date of signing.
Page 6 - Signatures
General Agent
The General Agent completes this section when the Distributor is an Associate General Agent.
Print the names of the General Agent and authorized signing officers.
The authorized signing officers sign on the designated line(s).
Enter the date of signing.
Broker is a corporation
Complete when the broker is a corporation.
Print the name of each Principal (owner) of the corporation.
The Principals sign on the designated lines.
Enter the date of signing.
Broker Remuneration Schedule A - Form PC 3191
Retain this schedule for your records (no signatures required).
This schedule is updated periodically. The latest version is available from our website at www.standardlife.ca.
1. Under Secure Online Access select ClientINFO.
2. On the Log-in page, enter the User ID and PIN provided by Standard Life.
3. Click Submit to continue.
4. Select eCommissions to view and print the Schedule A.
Application for Broker Contract Form PC 3237
Complete all sections of the form as required.
Page 4 – Consent and Authorization – The broker (applicant) signs and dates this page.
Broker Bonus Rate Request Form 5877
The distributor completes this form to indicate the percentage of override (bonus) payable to the broker.
Authorized by GA, AGA or PPGA – A signing officer of the distributor completes, dates and signs this section.
If this form is not completed and submitted to Standard Life, full override is paid to the distributor. Once override is paid retroactive adjustments/payments cannot be made.
Retail Markets Page 3 of 5 The information in this document is subject to change without notice.
For distributor use only. This document is not intended for public distribution. The Standard Life Assurance Company of Canada
December 2010
Broker contracting requirements
Documents required cont’d
Direction of Commission When required, the broker completes and signs this form to request the payment of commission to a third party.
The third party must be contracted with Standard Life and must be licensed.
Request for direct deposit of commission Form PC BIL 3411
Commissions are paid by direct deposit.
The broker completes, dates and signs this form to authorize the payment of commission directly into the broker’s bank account.
The name of the bank account owner must match the name on the Distributor Broker Agreement.
Attach a blank specimen cheque displaying the broker’s banking details.
In the case of a direction of commission, both the broker and third party complete this form.
The broker’s information (Name, Broker Code, Sales Office Code) is entered on the top of the form.
The third party enters their banking information in the Financial institution information area and provides a specimen cheque.
The third party signs and dates in the area designated as Broker’s signature.
Request to Move a Segregated Fund Book of Business to FundServ Electronic Platform Form PC 5777
Complete this form to move an Ideal Segregated Fund book of business to FundSERV.
The broker and distributor date and sign in the designated areas.
Proof of license and liability insurance requirements
License Provide a copy of the broker’s license for each province or territory where the broker is licensed.
Provide a copy of the broker’s individual license(s) and/or corporate license(s).
Liability insurance (E&O) Provide a copy of the broker’s liability insurance coverage.
The name on the liability insurance should match the name on the license.
Retail Markets Page 4 of 5 The information in this document is subject to change without notice.
For distributor use only. This document is not intended for public distribution. The Standard Life Assurance Company of Canada
December 2010
Broker contracting requirements
How to send documentation
Regular mail
Email the scanned documents to your Standard Life contract coordinator at the Regional Centre.
It is recommended that documents containing broker’s personal information are password protected.
Paper copies of the documents will not be returned. Keep the original signed documents for your records.
Regular mail - If your office is not equipped to email scanned documents, we will continue to accept documents by mail until further notice.
Where to send documentation
Send all documentation to your Standard Life Regional Centre
Montreal Eastern Regional Centre
Mailing address
Standard Life Contract Coordinator 1245 Sherbrooke Street West Suite 1700 Montréal, Québec H3G 1G3
Toronto Central Regional Centre
Mailing address
Standard Life Contract Coordinator 100 Sheppard Avenue East Suite 1011 North York, Ontario M2N 6N5
Vancouver & Calgary Western Regional Centre
Mailing address
Standard Life Contract Coordinator 639 - 5th Avenue S.W. Suite 1500 Calgary, Alberta T2P 0M9
Confirmation of contract Standard Life will send your office an acceptance message by email to confirm the approval of the broker’s
contract. Please forward the acceptance message to your broker. The broker’s code is provided in the acceptance message. Standard Life will send the broker a User ID and PIN in order that they can access our protected websites.
Retail Markets Page 5 of 5 The information in this document is subject to change without notice.
For distributor use only. This document is not intended for public distribution. The Standard Life Assurance Company of Canada
December 2010
Broker contracting requirements
Checklist Use this checklist to verify that all required contracting documents are sent to Standard Life.
1st sale – provide the following information: Client’s name Policy or /contract number if available Type of product applied for (life insurance, critical illness insurance, Ideal Segregated Fund,
Ideal Term Fund, annuity or Structured Settlement Annuity). Mandatory
Distributor’s Broker Agreement (1 copy) Mandatory
Application for Broker Contract (1 copy) Mandatory
Broker Bonus Rate Request (1 copy) Mandatory
Direction of Commission (1 copy) Only required to pay commission to third party.
Request for direct deposit of commission (1 copy) Mandatory
Request to Move a Segregated Fund Book of Business to FundServ (1 copy) Only required to move a book of business to FundServ.
Copy of license(s) Mandatory
Copy of liability insurance Mandatory