Parmar & Associates Insurance Brokers Inc.
and the PROLINK Insurance Group
Disclosure Statement – Your Privacy is Protected
Canada’s national privacy legislation, the Personal Information Protection and Electronic Documents Act, applies to all insurance brokerages collecting, using or disclosing personal information.
At Parmar & Associates Insurance Brokers Inc., part of the PROLINK GROUP, we pledge to protect your privacy and safeguard your personal information.
The Combined Estimated Results of PROLINK and its Subsidiaries and/or Affiliates for Fiscal (Calendar) 2016 were:
Property and Casualty Insurance
Written Insurance Premiums
Segregated Fund Assets
Individual Life, Disability, Critical Illness
Employee Group Benefits Programs
Number of Locations Including Branches in Canada
Number of Brokers and Professional Staff
Represented Insurance Companies
The following Corporations are Subsidiaries and/or Affiliates of PROLINK:
- PROLINK Financial Group Inc.
- Parmar & Associates Insurance Brokers Inc.
- PROLINK Broker Network Inc. (Including 60 Brokerage Partners)
- PROLINK Insurance Group Inc.
- PROLINK Finance Company Ltd.
- LMS PROLINK Ltd.
Parmar & Associates Insurance Brokers Inc. is an independent insurance broker in which PROLINK BROKER NETWORK owns a minority interest.
Insurance is a contract of UTMOST GOOD FAITH between all parties of the contract:
YOU (the client) and YOUR INSURANCE COMPANY
Visit www.pbnet.ca for more information.
Sources of Financing:
Parmar & Associates Insurance Brokers Inc. recognizes the value of capital growth and business expansion in a very competitive industry. To finance new initiatives and start new programs, our company and its shareholders may seek financing from Canadian Banks, Trust and/or Insurance Companies. The financial requirements for repayment of such loans do not require, and will not influence the placement of business with any insurance company or Financial Institution.
Utmost Good Faith:
Insurance is a contract of UTMOST GOOD FAITH between all parties of the contract, including YOU (the client) and YOUR INSURANCE COMPANY.
Broker Compensation by Insurance Companies:
Insurers are selective when choosing an insurance broker with which to establish a contract. They seek relationships with professional brokers capable of understanding the complexity of risk management, policy wordings and limitations. Both insurers and clients place the responsibility on brokers to arrange appropriate protection.
Accordingly, insurers compensate brokers for:
- Attracting the class of risk that the insurer is interested in writing.
- Providing complete details as determined by the insurer.
- Prescribing the type of protection to meet the needs of the client and the interest of the insurer.
- Addressing all service issues and maintaining communications.
- Remitting the required premium after deducting a fixed tariff, commission, or fee, as prescribed by the contract from the insurer.
The compensation for providing these services is as follows:
- Personal automobile insurance contract compensation ranges from 5% to 15% of premium, or a flat fee of $250 regardless of the amount of the premium.
- Liability and property insurance contract compensation ranges from 7% to 25%. Occasionally a flat fee is charged as identified in an invoice.
- Risk Management and Consulting Services: $150 to $250 per hour.
Contingent profit commissions are additional compensatory income available to the broker if the portfolio of business written with any individual insurer is profitable to the insurer. This is a standard tool used by some insurers to help encourage brokers to select above average clients.
At PROLINK, we may receive approximately 1% to 2% of the premium as a contingent profit from the following insurers:
- AVIVA Canada
- Dominion of Canada
- Economical Mutual
- Royal and Sun Alliance
- ZURICH Canada
Insurers occasionally offer small gifts to insurance brokers in appreciation of the relationship with the insurers. These gratuities in no way influence the volume of business we place with an insurer.
Unequivocally, the needs of our clients govern our risk placement decisions.
Reallocation of Commissions to Group Sponsors for Promotion and Administration Costs:
Program Business (a.k.a. Group Business) is often written with unique coverage and at rates that are typically 20% less than standard rates. Notwithstanding, we have some group program arrangements whereby we reallocate a portion of our commissions to a group sponsor in lieu of promotion and administration costs which the sponsor may incur on our behalf. Such allocations can range between 1% and 2% of the premium.
If you have questions regarding this or any other matter that pertains to our business:
Please contact our Privacy Officer, Shila Parmar at 905-508-3335 or email at email@example.com.