CAILBA Compliance Toolbox

This new compliance program, the CAILBA Compliance Toolbox, will offer CAILBA members a full slate of Compliance & Diligence policies and procedures in synchronization with advisor agreements and ensures that all the applicable legislations and regulations are met in a concise, generic format. CAILBA members, large or small, will have access to these tools and have the assurance that these documents, policies, and procedures meet and exceed regulatory and contractual requirements. The CAILBA Compliance Toolbox initiative is a multi-phase project spanning across the next few years. The following summarizes the proposed multiple stages:
Phase I:

  • Develop generic guide and templates, such as policies and procedures, relative to Privacy, AML & Fintrac, Rep Agreements, Compliance, Agent Screening, Compliant Handling, DNCL, etc.

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  • Create a compliance checklist/process flow in which members can use as is or customize to their unique structure or use as a guide to review their current policies, procedures, and agreements.

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  • A series of webinars conducted to educate the contents of the Compliance Toolbox to our members.

Phase II:

  • Compliance Consultation Services

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  • Consultation services can range from no charge member benefit, i.e. ad hoc email updates on compliance news and changes to preferred member negotiated rates i.e. implementation and/or development of a Managing General Agency’s (MGA’s) own compliance process and procedures.

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  • Pre-defined consultation packages can be purchased (monthly/annual fee subscription) or time and material arrangements can be available.

Phase III:

  • Provide on-going updates and improvements, as required, to all CAILBA members (and the generic documents developed in Phase one) as relevant regulations or legislation change. This is to ensure compliance regimes are maintained and up to date.

Phase IV:

  • Develop an ISO approved compliance regime standard where a MGA that has an accredited compliance regime in place, per CAILBA standards, would be awarded an ISO accreditation and perhaps leverage this accreditation with insurers to receive special service commissions or benefits. Advising all regulators of this program would improve credibility with regulators, but ultimately how MGAs would be treated in the event of a compliance incident.

We have selected Chris Nicoll & Associates as our designated compliance consultant for Phase I of our project and LOGiQ3 Corp. as our designated project manager.

If you have any questions or would like to partake in this initiative, please contact our Compliance Toolbox Chair, Phil Booth at pbooth@fmbrokerage.com.

 

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