Pacific Place Group website at:

www.pacificplacegroup.com

Real Estate website at:

www.pacificevergreenrealty.com

Holidays & Observances

June 16 Father’s Day

June Seminars

June 5 IA Financial

June 6 Manulife Bank

June 12 Assumption Life

June 19 Foresters

June 26 IA Investments

June NEWSLETTER

Did you know...

The month of June comes from the Roman, or Julian,

calendar. June was initially named Iunius. The name ei-

ther comes from the Roman goddess Juno, wife of Jupi-

ter, or from the word "iuniores", the Latin word for

"younger ones". In the early Roman calendar June only

had 29 days. It was Julius Caesar who added the addi-

tional day giving June 30 days.

June is the 6th month of the year and has 30 days.

Season (Northern Hemisphere): Summer

Symbols of June

Birthstone: Pearl

Flower: Rose Zodiac signs: Gemini and Cancer

Vancouver—Head office (Now Open) Surrey

#102—1245 W. Broadway Surrey Central Business Park

Vancouver, BC V6H 1G7 #100-7565 132nd Street

Tel: 604-267-1833 Surrey, BC V3W 1K5

Tel: 778-945-9611

Burnaby Richmond

Metrotown Centre - Metrotower 1 Airport Executive Park

#2129-4710 Kingsway #130-10271 Shellbridge Way

Burnaby, BC V5H 4J5 Richmond, BC V6X 2W8

Tel: 778-945-6900 Tel: 236-521-3799

PPG Locations

Administration Roles and Responsibilities — May 1, 2019

Wayne Yu Corporate Manager 604-267-1833 EXT: 231

Yim Yu Account Manager 604-267-1833 EXT: 244

Mimi Sum Office Co-ordinator 604-267-1833 EXT: 232

Shan Shan Chang Office Administrator (Rmd) Tel: 236-521-3799

Loveleen Lotey Office Administrator (Surrey) Tel: 778-945-9611

Pacific Place-Financial Services Inc./Bridgeforce Pacific Place (Financial Services Division) Tel: 604-267-1833

Hendry Liu General Manager Tel: 604-558-7610 or EXT: 250

Jim Lew Director of Business Development Tel: 604-558-7610 or EXT: 251

James Qiu Sales Manager Tel: 236-521-3799 or EXT: 250

Shalendra Kumar Sales Manager (Surrey) Tel: 604-558-7616

Mohan Poddar Branch Manager Tel: 604-558-7618

Mimi Sum Manulife Investments (Van office) (BBY Tel: 604-558-7614) or EXT: 232

Mable Wong New Business: Manulife Life, HR, PPG Compliance Tel: 604-558-7609

Mkt materials (Van), Software updates or EXT: 225

Angel Li Policy Service, Travel Insurance, New business Equitable Life Tel: 236-521-3791 or EXT: 222

Manulife investments (Rmd office), Mkt materials (Rmd)

Elia Chan Contracting, New Life: BMO, IA, IA Excellence, Group Tel: 604-558-7608

Manulife Investments (Bby), Software updates

Winnie Chan Commissions, Marketing Materials (Bby)

Tiffany Tang New business/Investments: Assumption , Canada Life, CPP, DFS, Tel: 604-558-7609

Empire Life, Humania, Ivari, RBC, SSQ, Sunlife, The Edge,

Software updates on dropbox

Vancouver Burnaby Surrey Richmond

Pacific Place-Insurance Services Inc. (General Insurance Division) Tel: 604-267-1833

Kate Zhang House: New Quote & Endorsements, Claims EXT: 228

Angus Yiu ICBC, IT EXT: 243

Michael Hu Condo Quotes EXT: 239

Tiffany Yu Renewal, Reminder and payments EXT: 226

Emily Wu Renewal, Reminder and payments EXT: 226

Evan Shi Condo Quotes/ICBC EXT: 223

Yuki Li ICBC, ICBC Batching EXT: 237

Hendry Liu Commercial Insurance EXT 233

James Qiu Commercial Insurance EXT 251

Pacific Place-Arc Realty Ltd. (Real Estate / Property Management Division) Tel: 604-267-1833

Lo-Ming Lee Managing Broker EXT: 233

Jason Wood Business Development Consultant EXT: 233

Bingji Hao Managing Broker Assistant EXT: 235

Jimmy Ng Property Management Tel: 236-521-3789

Yiyi Yan Administrator/Conveyancer EXT 224

Pacific Evergreen Realty Ltd. (Real Estate Division) Tel: 604-267-1833

David Yang Managing Partner Tel: 604-250-3696

Lo-Ming Lee Managing Broker EXT: 233

Jason Wood Business Development Consultant EXT: 230

Bingji Hao Managing Broker Assistant EXT: 235

Julia He Real Estate Conveyancer EXT: 224

Teresa Chiang Real Estate Conveyancer EXT 241

Vancouver Burnaby Surrey Richmond

• L I F E I N S U R A N C E U P D A T E S •

In the News

eBulletin

Empire Life Guaranteed Investment Funds

Competitive Edge Newsletter

New Annuity Settlement Option

Choosing the best simplified solution

Cancer is not a decline!

APEXA aims to be adopted as industry standard

Personal Health & Dental Plans

• L I F E I N S U R A N C E U P D A T E S •

Top 12 Marketing Resources

IA Connected—Be in the know!

New immigration guidelines

LaCapital - Newsletter

Infosource News

What’s NEW at Sun Life Financial?

New functionality for 5575 Insurance Policies

Renewal Commission Rates

New simplified procedure for non-smoker rates

Solutions Magazine

The credit insurance rider now available at UL Mutual

Pacific Place Financial Services Annual Conference

Qualification Period: January 1, 2019—December 31, 2019

Travel Period: 2020

Qualification: 75,000 FYC

Be part of this annual PPFS conference on us!

This event is not to be missed!

There is lot’s of time left to submit cases from all carriers.

Check with Mable or Mimi to see how close you are to attend.

Compliance Department

Pacific Place Financial Services Inc. / Bridgeforce Pacific Place Inc.

Is your client replacing or even considering replacing their current coverage? What is considered a replacement, and what is your responsibility? Read this informative article from Ivari.

Ivari LIRD (Replacement) Requirements

1. Articles of incorporation – verifies the corporation’s name, address, names of directors, and names and addresses of all beneficial owners. (Beneficial owners are those who own, directly or indirectly, 25% or more of the corporation.) A document that confirms that the corporation exists today - Either a Corporate Notice of Assessment, or a re-cent Certificate of Corporate Status. (The client can obtain a certificate of corporate status from www.oncorp.com for a fee of $30.)

The Proceeds of Crime (Money Laundering) and Terrorist Financing Act of Canada (PCMLTFA or "AML" for short) is an important law that applies to many industries, including the life insurance industry. This law is enforced by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC.)

Recently there have been questions by some advisors regarding the documents and records required by FINTRAC for corporately owned universal life, whole life and non-registered money product cases. The required documents are:

Why does FINTRAC require two documents? The articles of incorporation verify the structure of the corp. along with the owners and directors; however these articles can be years old. In some cases, we have seen articles of incorporation that are 15 years old simply because the corporation has not undergone any major changes since then that required the articles to be amended. So, although the articles give information about the structure, control and ownership of corporation, they do not prove that the corp. exists today. A recent Notice of Assessment (NOA) proves that the corporation filed a tax return within the past year which was acknowledged by CRA. This demonstrates the corporation existed as recently as last year. A Certificate of Corporate Status can be even better as it confirms that the corp. existed last week.

Be advised that FINTRAC can audit your practice and ask to see this information/documentation in your client files. Failing to have and maintain proper records can result in fines ranging from $100 per infraction to $1000 per infraction.

FINTRAC Required Records for Corporately Owned Products

A Progressive Approach…

PPG takes a progressive approach in guiding advisors to operate profitably while also positioning you to pass regulatory and legislative audits. Many advisors appreciate our ‘best standards’ approach to AML because they are aware of the importance of adhering to PCMLTFA, and wish to stay licensed and in good industry standing for many years to come. To this end, and as PPG is also accountable to FINTRAC, our new business staff may occasionally follow up with advisors to collect outstanding AML information and documents pertaining to universal life, whole life and non-registered money product cases.

Please be careful not to fall into the trap of assuming that ‘the carrier issued the policy without receiving these documents and therefore everything must be fine.’ Some carriers have been disciplined and fined by FINTRAC in the past for having insufficient client records.

Other carriers will ask the advisor for only the corporate “BIN” number and then use corporate research subscription tools to verify the details of the corporation. This makes the carrier FINTRAC-compliant but leaves the advisor exposed without the required records. It is for this reason that we developed the PPG New Business Checklist - to allow advisors to inde-pendently verify that all AML requirements are met, instead of just relying on the carrier application process.

Here are some helpful tips when using social media in your practice:

DO:

Create an online presence. Take full advantage of this opportunity to professionally represent yourself online to a mass audience.

Search your name and check what's written online about you.

Conduct yourself in a professional manner. Refer to your distribution and carrier code of conduct.

Think carefully about how public you want your profile and information to be.

Engage your audience but think before you share; who you are sharing the information with, and how it will reflect on your reputation.

Provide information and insight. If someone asks you for advice or a recommendation, ask them to contact you directly, offline.

Be aware that any time you link to online content; you are implicitly endorsing that content.

Remove content that is derogatory, racist or offensive.

Properly source content that you did not create. Be sure to give credit where credit is due.

Your best to be innovative or open to new trends.

Keep things concise to get your point across quickly.

Be selective about who you accept as a friend/contact.

Periodically reassess who has access to your information. HAVE A DAMAGE-CONTROL PLAN. AN EMERGENCY PREPAREDNESS PLAN SHOULD BE

CREATED IN THE EVENT OF A PUBLIC RELATIONS DISASTER - THIS WILL ALLOW YOU TO TACKLE THE ISSUE WITH BETTER CLARITY.

READ FULL ARTICLE HERE

Simple and practical tips when using social media

**NEW Software Available**

Ivari - v12.8

RBC - v10.6 CD KEY 62B46

Desjardins - Guest Access (no download req’d)

IA - V8.6.2

If not, simply follow the steps outlined below.

Have you set up your Allianz Academy account yet?

The Allianz Academy online platform gives you access to valuable tools and resources, including our EASY training program that’ll get you one step closer to acquiring the skills necessary to confidently offer travel insurance and max-imize your sales potential! We ask that you log in to Allianz Academy and complete your EASY training by May 31. IMPORTANT: Allianz Academy is not the same as quicktic, therefore your quicktic ID and password will not work. If you have

not previously accessed Allianz Academy, please follow the below steps to set up your account. Get started!

Step 1: Go to Allianz Academy and click Activation Code

Step 2: Enter Broker Academy and click Activation Code

Step 3: Fill in your details and log in

Step 4: Navigate to My Courses > EASY Program to start your training

The EASY training program provides:

Quick and informative interactive learning, available 24/7

Product training to enhance knowledge and build practical skills

Continuing Education (CE) credits PLUS by completing your training before May 31 you will earn a chance toWIN Amazon.ca Gift Cards!* If you have already completed the training, you are automatically entered!†

ICBC UPDATE

ICBC gets green light for interim 6.3

per cent rate hike!!!

The Insurance Corporation of B.C. (ICBC), the province's public auto insurer, has been approved to raise insurance rates by 6.3 per cent.

The B.C. Utilities Commission (BCUC) has approved ICBC's request for an interim basic insurance rate increase effective April 1, 2019.

The insurance corporation applied for the proposed rate hike in December as the B.C. government at-tempted to address what Attorney General David Eby described as a "financial dumpster fire" at ICBC.

Eby revealed in November that ICBC was set to lose $890 million in 2018-2019, following a $1.3 billion net loss in 2017-18.

According to ICBC, the hike means "an average increase of less than $60 for personal customers' basic insurance coverage."

A BCUC panel will make a final decision as to whether or not the rate hikes will become permanent.

Effective April

As of April 1, all new and renewal policies will be subject to the rate hike.

According to the public insurer, the temporary approval "will lessen the depletion of ICBC's already low basic insurance capital while the BCUC reviews the full application."

The province has pointed the finger at the previous government for leaving the insurer in financial ruin. Since the start of the 2017 financial year, ICBC is said to have lost more than $2 billion.

In January, Eby warned drastic changes would be necessary.

According to ICBC, injury claims costs have soared by 43 per cent in just five years, totalling roughly $3.67 billion in 2018 alone.

Reforms rollout

In an attempt to stem the losses, the province has already rolled out a list of reforms including higher fines for repeat bad drivers, an independent dispute resolution system and a $5,500 limit on payouts for minor injuries.

Looking for office space?

We have office space for rent!

Please contact Mimi Sum or Wayne Yu if interested.

Surrey Central Business Park

5 ways to improve FINTRAC compliance

1. Verify the corporation and the person signing:

The main issue identified in the study is real estate purchased by numbered companies that may not have any real con-nection to Canada and are used as a vehicle to launder money. Make sure you ask for the articles of incorporation or a recent tax assessment to make sure the person signing for the company has authority. Then, personally identify the per-son signing.

2. Are there other directors, shareholders and addresses for the corporation?

It is also important to ask if there are any other directors in the corporation. If so, their names and addresses must be listed. If anyone else owns 25 per cent or more of the shares of the corporation, these shareholders and their addresses must also be listed. Also, look for the registered office of the corporation as well, which should be on the articles of incor-poration or the tax assessment.

3. Ask the lawyer if you cannot verify the information yourself.

The buyer’s lawyer will also have to verify that the person signing for the company has authority. If you are not sure how to read the documents, consult with the buyer’s lawyer, who can review all the company documents contained in the minute book, to make sure you have all the proper information.

4. Where is the money coming from?

No one expects you to be a detective. Yet under the FINTRAC guidelines for completing the receipt of funds form, it is requested that you obtain verification of the account number that the deposit money is coming from. If you have a certi-fied cheque it will identify the account, but it is more challenging if a bank draft is used because the account information is not on it.

While FINTRAC asks that you obtain either a void or cancelled cheque from the account that was used, or a bank form showing the account information, the fact is that many clients will refuse to give this to you due to fears about identity theft. In that case, ask the client directly if the deposit came from their account and then write on the form something to the effect of, “Buyer confirms deposit came from their bank account.”

5. Is company officer connected to your community?

When the person signing for the company is connected to your community, there is less likelihood for fraudulent activi-ty. This is why it is so important to clearly complete the occupation of the buyer on the FINTRAC forms, because it shows how the buyer is connected to your community. Different precautions will have to be used when you are dealing with overseas buyers.

What “the customer is always right” actually

means

This was ingrained inme: the customer is always right. Even if they are wrong.

You’ll never argue them into submission or agreement. Concede. Serve.

When you are dealing with a customer or client, whether they are right or wrong,

you do everything and fulfill your obligations.

Read full article HERE