Consumer Info

CODE OF CONSUMER RIGHTS AND RESPONSIBILITIES

DISCLOSURE OF AGENT COMPENSATION

The following information is provided in keeping with our ongoing practices of full disclosure and transparency.

Hay Mutual Insurance Company distributes insurance products only through exclusive sales agents, which are employees of Hay Mutual, and they are required to place all insurance with Hay Mutual. We compensate agents with commission based on a fixed percentage of the policy premium you pay.

Hay Mutual Insurance Company does not offer any other form of compensation, remuneration, or loans to our exclusive agents.

The Hay Mutual Insurance Company is dedicated to meeting its obligations to its policyholders by employing prudent management of operation costs, investments, and product pricing, with stable, effective underwriting guidelines.

MANAGING CONFLICTS OF INTEREST

The Canadian Council of Insurance Regulators (CCIR) after public consultations agreed on three principles as best practices in managing actual or potential conflicts of interest. The principles promote consumer confidence in the insurance industry by outlining best practices for managing business situations when they arise. The principles are:

 

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The client's interests come first: Distributors must put the interests of policyholders and purchasers ahead of their own;  

 

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Make clear any conflicts or potential conflicts of interest. Consumers must receive disclosure of any actual or potential conflict of interest that is associated with a transaction or recommendation; and

 

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Ensure products are the right fit: Products recommended must meet the needs of the consumer.

Hay Mutual Insurance Company supports these principles. If you feel that our representatives are not following them, please let us know.