Advisor Disclosure

Advisor Disclosure to the Client

For life, accident & sickness, and investment products, New World Agency processes insurance-related business through HUB Financial Inc. (a Managing General Agent, or “MGA”). HUB Financial Inc. pays, or directs the insurance company to pay, a bonus on commissions earned from the sale of insurance products. This bonus constitutes a portion of the overall compensation earned in conjunction with commissions. Agents of New World Agency Inc. have full discretion to deal with the insurers they trade with and are not subject to any pressure from HUB Financial Inc. to favour one insurer over another.

For property & casualty (general insurance) products, New World Agency Inc. does not directly hold contracts with general insurers. These products are made available through a producer contract held by Jason Staroszik, Managing Director and sole shareholder of New World Agency Inc., with Broker Canada Insurance Group Ltd., under which property & casualty insurance business is placed.

Licensing & Qualifications

New World Agency Inc. and its agents are licensed under the applicable provincial insurance regulators to provide life, accident and sickness, and property and casualty insurance. Current provincial licensing includes:

Life and Accident & Sickness

• Alberta

General Insurance (Property & Casualty)

• Alberta

• Saskatchewan

All recommendations are made based on the insured’s needs and in accordance with regulatory requirements.

Continuing Education

To maintain life, accident & sickness, and general insurance licenses, agents are required to meet mandatory continuing education. These educational requirements are fulfilled through attendance at industry seminars, training programs, and professional development meetings.

Compensation – Monetary & Non-Monetary

Upon completion of an insurance transaction, an agent will be paid a sales commission by the company that provides the product purchased, which is generally based on a percentage of the premiums. Renewal (or service) commissions may also be received if the policy is kept in force.

Agents may also be eligible for additional compensation, such as bonuses or non-monetary benefits (e.g., travel incentives, seminars), depending on factors such as the volume of sales or persistency of business placed with a particular company during a given time period. If a contract is cancelled within a certain period of time, a chargeback for a portion or all of the commissions earned may apply.

Nature of the Relationship with Insurance Companies

No insurance company holds an ownership interest in New World Agency Inc., nor do its agents hold or control ownership in any insurance company.

Products Provided

New World Agency Inc. can offer a full range of insurance products and services, including:

  • Life insurance

  • Critical illness insurance

  • Disability insurance

  • Segregated funds

  • Annuities

  • Health and dental insurance

  • Group benefits

  • Travel insurance

Property & casualty insurance (through Broker Canada), including but not limited to:

  • Home Insurance
  • Auto Insurance
  • Commercial Insurance
  • Tenant & Condo Insurance
  • Liability Coverage
  • Specialty and other general insurance products

A full list of the insurance companies represented can be found on the Our Partners page.

Conflicts of Interest & Outside Business Activity

New World Agency Inc. is required to declare any interest that may prevent impartial advice. If a conflict of interest becomes apparent, insureds will be notified immediately.

New World Agency Inc. has no outside business activities that create a conflict of interest with insurance distribution.

Collection, Use, & Access to Information

New World Agency Inc. collects financial and other information from insureds, which may include transaction details, credit reporting information, health information provided through insurers’ processes, and references supplied during the course of the relationship.

Information is collected to administer insurance products and services, assess eligibility, meet regulatory requirements, and coordinate with insurers and service providers. For these purposes, information may be shared with third parties such as insurers, paramedical service providers, and other organizations involved in processing or underwriting applications.

Insureds have the right to access the information held on file, review its accuracy, and request amendments at any time. Insureds may also request additional information regarding licensing, qualifications, insurer relationships, or compensation arrangements, and New World Agency Inc. will provide full transparency upon request.

Canadian Anti-Spam Legislation: Express Consent

Insureds agree to allow New World Agency Inc. to contact them from time to time in relation to information about products and services offered.

Consent may be withdrawn at any time by contacting New World Agency Inc. through our Contact Page.

All insurance is placed through licensed Canadian carriers and is subject to underwriting approval.

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