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