The protection of personal and confidential information is a fundamental part of conducting business with Monarch Benefits & Pensions Ltd. We adhere to the safekeeping of employee sensitive information in accordance to PIPEDA.
Partnering with Monarch Benefits & Pensions Ltd. may result in the sharing of personal employee information which may include but is not limited to an individual's name, age, sex, health, personal characteristics or personal and financial circumstances. Personal information can also include such things as SIN or employee numbers, banking and income information, employment records and medical information.
Monarch Benefits & Pensions Ltd. will only use confidential employee information for the sole purpose of intent of which it was provided. The Personal Information and Protection of Electronic Documents Act, 2000 (PIPEDA) establishes rules of private organizations to govern the collection, use and disclosure of personal information in a manner that recognizes the right of privacy of individuals with respect to their personal information
Compensation
Monarch Benefits & Pensions Ltd. is compensated directly from the insurance carriers. The level of compensation has a direct correlation between the level of compensation paid to Monarch Benefits & Pensions and the rate calculation for your benefits.
Monarch Benefits & Pensions may also receive, but is not limited to, sales bonuses, retention bonuses and education allowances as a result of managing your account.
Conflict of Interest
Monarch Benefits & Pensions works with all insurance providers. No insurer holds any ownership interest in our firm, nor does Monarch Benefits & Pensions hold any direct ownership interest in any insurer.
Should any other conflict of interest present itself in the management of your account, Monarch Benefits & Pensions will disclose such information immediately.
Our Consultants
All Agents of Monarch Benefits & Pensions are regulated by the Financial Services Commission of Ontario (FSCO) who issues licences authorizing persons to conduct business as insurance agents. There are three classes of agent licences.
Agents listed may hold a combination of the insurance licences listed above. A person who acts as an insurance agent without being licensed is guilty of an offence under the Insurance Act, and may be prosecuted for such violation.
All Consultants of Monarch Benefits & Pensions are required by law to have Errors and Omissions coverage. E&O coverage, also known as Professional Liability insurance, must have at least $1 million per occurrence, with extended coverage for fraudulent acts. Failing to do so can result in the suspension or revocation of their license.