Advisor Disclosure to the Client

For life, accident & sickness, and investment products, New World Agency processes insurance-related business through HUB Financial (a Managing General Agent, or “MGA”). HUB Financial 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 have full discretion to deal with the insurers they trade with and are not subject to any pressure from HUB Financial 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, under which property & casualty insurance business is placed.

Continuing Education

To maintain both 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

• Long-term care insurance

• Segregated funds

• Annuities

• Health and dental insurance

• GIA’s

• Group benefits

• 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

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.

Collection of Information

From time to time, New World Agency Inc. collects financial and other information on insureds. This may include transaction-related details arising from the relationship, credit reporting information, and references provided.

Use of Information & Access to Information

Insureds authorize New World Agency Inc. and its distributors (HUB Financial and Broker Canada) to collect and maintain this information when applying for an insurance product or service, and during the course of the relationship, in order to administer the insurance product or service and to fulfill legal and regulatory obligations.

For these purposes, information may be shared with third-party service providers, such as paramedical service providers and insurers to whom applications are submitted.

Insureds have the right to obtain access to the information held on file at any time, review its content and accuracy, and request amendments as appropriate.

Additional Business

Insureds are not required to transact additional or other business with New World Agency Inc. as a condition of any transaction. Other than outlined above, personal information will not be shared with individuals or other organizations.

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.