July 2005

July 2005

Letter to Credit Unions Dated July 22, 2005

July 22, 2005 – In response to a number of inquiries about the promotion of insurance products by credit unions, the Registrar of Credit Unions wrote to all Saskatchewan Credit Unions on July 22, 2005.

In response to a number of inquiries about the promotion of insurance products by credit unions, the Registrar of Credit Unions wrote to all Saskatchewan credit unions on July 22, 2005.  The Registrar’s letter:

• outlines the issues with respect to tied-selling, promotion, employee loyalty programs, referrals, MemberCare and Credential Financial Strategies Inc.;
• references specific sections of credit union legislation with respect to the issues outlined; and
• provides interpretation of the legislation with respect to tied-selling and promotion of insurance.
• Registrar's letter
   

Letter to mortgage brokers dated July 13, 2005

July 13, 2005 – The Mortgage Brokers Act (the "Act") sets out that the Superintendent of Insurance is charged with administering the Act.

• set out the Superintendent’s expectation that mortgage brokers place clients’ interests over the mortgage brokers’ own interests;
• describe how The Saskatchewan Insurance Act may impact any insurance activities mortgage brokers undertake; and
• provide notification of an expected change to The Securities Act, 1988 that may impact mortgage brokers’ operations.

The letter refers to the Principles and Practices for the Sale of Products and Services in the Financial Sector issued by the Joint Forum of Financial Market Regulators in January, 2005.

• Letter to Mortgage Brokers - July 13, 2005
• Joint Forum of Financial Market Regulators