Legal Information
Our commitment to transparency, privacy and professional standards, along with background on how the Canadian insurance industry is regulated.
Regulatory Licensing
Benefits Plus Inc. operates as an independent insurance consultancy. Our advisors are licensed in accordance with the requirements of the Province of Prince Edward Island and the Province of Nova Scotia, and we maintain all required licensing and professional standing in good order. Licences are renewed on the schedule required by each provincial regulator, and our advisors complete the continuing education hours mandated to keep their licences active.
How the Insurance Industry Is Regulated in Canada
In Canada, insurance is regulated primarily at the provincial level. Each province maintains its own insurance legislation and its own regulator responsible for licensing advisors, approving products, and overseeing market conduct. The Office of the Superintendent of Financial Institutions (OSFI) regulates federally incorporated insurers, while provincial regulators oversee the advisors and brokers who sell their products. This layered framework is designed to protect consumers and to ensure that intermediaries meet consistent professional standards.
Privacy & Confidentiality
We take our responsibility to protect your personal and health information seriously. All client information is collected, used and disclosed in accordance with applicable Canadian privacy legislation, including the Personal Information Protection and Electronic Documents Act (PIPEDA) and provincial privacy laws that apply in the provinces where we operate. We do not share your information with third parties without your consent, except as required to administer your coverage or as permitted by law.
Independence & Disclosure
We are independent consultants and are not owned by or tied to any single insurance carrier. We receive compensation from carriers in connection with the placement of insurance policies. This compensation does not influence our recommendations — our advice follows the needs of our clients. We are happy to disclose the nature of any compensation upon request, and we encourage every client to ask how their advisor is paid.
Professional Standards & Code of Conduct
Our advisors adhere to a professional code of conduct that requires suitability of recommendations, fair treatment of clients, and transparent communication. This means we assess each client's circumstances before recommending a product, we disclose material information about the products we recommend, and we avoid conflicts of interest — and where one cannot be avoided, we disclose it. These standards align with the market conduct rules set by the provincial regulators that license us.
Errors, Omissions & Professional Liability
As licensed insurance professionals, our advisors carry errors and omissions (E&O) coverage, as required by provincial regulation. E&O insurance protects clients in the event that an error, omission, or negligent act in the course of providing advice causes a financial loss. Carrying this coverage is a condition of maintaining an active insurance licence in the provinces where we operate.
Anti-Money Laundering & Compliance
The insurance industry in Canada is subject to federal anti-money laundering (AML) and anti-terrorist financing requirements administered by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). Where a transaction falls within these requirements, we may need to verify client identity and, in limited circumstances, report certain activities. These obligations apply to the industry as a whole and are separate from our advisory role.
Consumer Protection & Dispute Resolution
Provincial insurance legislation includes consumer protection provisions that govern how insurance is sold and administered. If a concern arises that we cannot resolve together, clients may escalate a complaint to the insurance carrier, and ultimately to the provincial regulator or a recognized dispute resolution service in the province where the policy was issued. We are committed to helping clients understand and use these channels when needed.
The information on this page is provided for general informational purposes only and does not constitute legal or insurance advice. Regulatory requirements vary by province and product, and may change over time. Coverage is subject to the terms and conditions of the applicable insurance policy. Please contact us for advice specific to your situation.