As our valued business partner, we wanted to share with you some information regarding the amalgamation of DAS with Temple Insurance Company, and the creation of a new DAS Managing General Agent (MGA). We also understand you may wonder when your clients will be notified of this change.
A key benefit of amalgamation, is it provides a seamless transition for your clients. Before approval by OSFI, DAS policies continue without impact. After approval, DAS and Temple Insurance will continue forward as one insurer, and in-force business placed with DAS will become the obligation of the combined insurer on the same terms and conditions.
Therefore, policyholder notification of this change should only occur after OSFI approval is received. The target date for approval is August 1, 2018. After approval, DAS policyholders will then be notified Temple Insurance Company is their new Legal Expense Insurance risk carrier at the time of their annual renewal, during 2018 and at any point throughout 2019.
As announced in our press release on January 31, 2018
, “for DAS policyholders, nothing will change, and they will benefit from an even stronger risk management and financial security level through their new legal protection insurance carrier Temple Insurance.”
For our broker partners, there will be no significant changes. The new DAS MGA will continue to handle all Legal Expense Insurance sales, marketing, underwriting, administration and claims handling as before. However, new broker agreements will need to be signed and next steps on this matter will be forthcoming soon.
There is no immediate action required on your part. This update is to provide you with the information required to answer any questions you or your clients may have on this process.
Please feel free to contact your DAS Broker Consultant with any questions or comments you may have.