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Consumer Disclosure

CUMIS Life Insurance Company

CUMIS Life Insurance Company ("CUMIS Life") values your business, your trust and your loyalty. If you have any questions, compliments or concerns about your CUMIS Life Insurance product(s) or experience, please do not hesitate to contact us by e-mail, or give us a call at 1-800-263-9120.

Additionally, CUMIS Life is a member of the Canadian Life and Health Insurance Association (CLHIA). The CLHIA is a valuable, consumer-friendly resource that can assist consumers with questions or concerns about life insurance product(s). The life and health insurance industry has operated a toll-free information service about life and health insurance companies and their products for more than 30 years. The Consumer Assistance Centre is staffed by counsellors with extensive experience and knowledge, and is available in English and French (1-800-268-8099 English; 1-800-361-8070 French).
The life and health insurance industry makes available practical consumer guides on a wide range of life and health insurance products. These publications contain useful information and advice on products, the kind of coverage that is available, how to select and deal with an intermediary and many other practical tips.
Since 1990, all life and health insurance companies that are members of the Canadian Life and Health Insurance Association have undertaken to adhere to the Consumer Code of Ethics as a condition of membership. This Code focuses on fair treatment of consumers through a competitive marketplace, clear and straightforward advertising, competent sales and services and respecting the privacy of consumers.

CUMIS General Insurance Company

Compensation to Insurance Intermediaries

CUMIS General Insurance Company (CUMIS) has an arrangement with HB Group Insurance Management Limited (HB) to act as the Managing General Agent (MGA) for CUMIS. This means that CUMIS products available to consumers are sold through HB. CUMIS outsources all new business and policy management services to HB, and in turn HB receives a flat commission of 13.08 per cent as MGA.
Compensation for frontline HB Licensed Insurance Representatives (LIRs) is predominantly salary-based with a small bonus component for acquiring new business. The bonus amount is based on the volume of sales per LIR and is tied to the adherence to CUMIS’ pricing and underwriting rules.
In addition to commission paid to HB, your credit union is paid compensation based on your insurance premium. Depending on the credit union, a compensation payment in the range of one to five per cent is paid annually by CUMIS to credit unions participating in the Credit Union Insurance Services Home and Auto Insurance Program, as reimbursement for costs incurred by them in generating new business and other administrative functions.
Contractually, a small number of credit unions as well as some independent insurance brokers could earn further compensation payments contingent on profitability. These payments are not guaranteed, and depend on superior credit union and/or broker performance.

Ownership and Other Financing Links to Intermediaries

The CUMIS Group Limited's principal companies are CUMIS Life Insurance Company and CUMIS General Insurance Company. CUMIS also has a 50 per cent interest in CUIS Brokerage Services Limited and Credential Financial Inc.