Insurable Interest Canadian Insurance Blog

What You Need to Know When it comes to the ideal sale and purchase process, everything starts with due diligence. Another point of emphasis is that teamwork is key, and nobody can navigate the process alone. It’s important to avoid assuming that only the worst-case scenario is possible in bankruptcy. Monique Hayes, a partner for DGIM Law and an adjunct professor for the University of Miami School of Law, says that people often assume that the due diligence process ahead of a business sale or a similar liquidity event is of significantly more importance for the buyer than the seller. After all, buyers put up a pile of cash or other valuable assets to gain ownership of the business, from which they hope to derive commensurate value over the long term. Sellers, on the other hand, get to walk away from the deal having monetized years or even decades of hard work — perhaps entering retirement or simply moving on to the next big thing. The reality, as Hayes told attendees on a recent ThinkAdvisor webinar hosted in partnership with the Investments and Wealth Institute, looks a lot different. In some big ways, she said, the presale due diligence process...

The Financial Industry Regulatory Authority has fined H2C Securities $250,000 for failing to preserve and review over 1.25 million business-related electronic communications on four platforms. According to FINRA’s order, from at least January 2013 to June 2021, H2C Securities failed to preserve and review the electronic communications, the vast majority of which were mass marketing emails. During this period, “the firm’s supervisory system, including written supervisory procedures, was not reasonably designed to achieve compliance with the firm’s obligation to capture, retain, and review communications sent or received using these electronic communication platforms,” FINRA’s order states. The business-related electronic communications included internal and external emails, instant messages, mass marketing materials, and documents requiring customers’ electronic signatures.

“Victor Chavez was permitted to resign after a review of his business practices raised concerns on a number of issues, including a pattern of life insurance applications declined for inaccurate or incomplete information such as the insured’s contact information and a possible signature discrepancy,” according to an entry in Chavez’ record in the FINRA BrokerCheck system. Chavez has been registered with Park Avenue Securities since December 2023, according to BrokerCheck. New York Life says Chavez owes it money because the company has a contractual right to get back advances it paid him in connection with life insurance applications he submitted that never actually resulted in the issuance of life insurance policies, that resulted in policies on which commissions were adjusted, or that resulted in the issuance of policies that were later rescinded or canceled. Credit: Sergign/Adobe Stock

What You Need to Know One in three seniors die with dementia. Dementia costs the U.S. economy $345 billion per year. Just keeping systolic blood pressure below 125 could do some good. Working in the long-term care insurance industry is like being part of an exclusive club. Why? Because once you get immersed in this field, you rarely leave it. You may change roles, companies or agencies, but you remain dedicated to this product and the need for long-term care protection. That’s why attending the annual ILTCI Conference, an event for the long-term care planning community, is so special. More than 950 attendees traveled to San Diego earlier this month to learn and network. For many of us veterans, this conference means reconnecting with countless colleagues we’ve known for decades. And let’s not forget the company-hosted evening events, where networking and socializing continued. The 58 break-out workshops were divided into seven tracks: Actuarial and Finance; Advisors, Agents and Agencies; Claims and Underwriting; Legal, Compliance and Regulatory; Management and Operations; Marketing, Engagement and Research; and Wellness and Aging in Place Solutions. After the official welcome, Karen Smyth, the conference chair, announced the winners of the ILTCI Recognition Award: Ron Hagelman, president...