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1. [pdf] Guide to MGA contracting
2. January 2023 eNews

   Responding to Saskatchewan’s biosimilar switch initiative*

   We are changing coverage for some biologic drugs in Saskatchewan in response to the province’s biosimilar initiative. These changes will help protect your clients’ plans from additional drug costs that may result from this new government policy while providing access to equally safe and effective lower-cost biosimilars. 
   
   Saskatchewan’s provincial biosimilar initiative
   Announced in October 2022, the Saskatchewan Biosimilars Initiative ends coverage of ten biologic drugs beginning on April 30, 2023.
   
   Patients in the province who are using these drugs will be required to switch to biosimilar versions of these drugs by April 30, 2023, in order to maintain their Saskatchewan Drug Plan coverage.
    
   Equitable Life’s response
   To ensure this provincial change doesn’t result in your clients’ plans paying additional and avoidable drug costs, we are changing coverage in Saskatchewan for most biologic drugs included in the provincial initiative.
   
   Beginning April 30, 2023, plan members in the province will no longer be eligible for most originator biologic drugs if they have a condition for which Health Canada has approved a lower cost biosimilar version of the drug.** These plan members will be required to switch to a biosimilar version of the drug to maintain coverage under their Equitable Life plan.  
   
   Communicating this change to plan members
   We will inform any affected plan members in early February of the need to switch their medications so that they have ample time to change their prescriptions and avoid any interruptions in treatment or coverage. 
   
   What is the difference between biologics and biosimilars?
   Biologics are drugs that are engineered using living organisms like yeast and bacteria. The first version of a biologic developed is known as the “originator” biologic. Biosimilars are highly similar to the drugs they are based on and Health Canada considers them to be equally safe and effective for approved conditions. 
   
   Questions?
   If you have any questions about this change, please contact your Group Account Executive or myFlex Sales Manager.
   
   **The list of affected drugs is dynamic and will change as Saskatchewan includes more biologic drugs in its biosimilar initiative, as new biosimilars come onto the market, and as we make changes in drug eligibility.
    

   Ontario announces 2023 biosimilar switch program*

   The government of Ontario recently announced the launch of a biosimilar initiative to switch patients from eight originator biologic drugs to biosimilar versions of the drugs.
   
   Patients in Ontario using affected originator biologic drugs will have until December 29, 2023 to switch to a biosimilar version of their medications in order to maintain coverage under the province’s public drug plans.
   
   We are actively monitoring and investigating the impact of this new policy on private drug plans in Ontario. We plan to implement changes to coverage of biologic drugs in the province in 2023 to help prevent this change from resulting in additional costs for our clients’ drug plans. We will provide more details in the coming months.
   
   If you have any questions, please contact your Group Account Executive or myFlex Sales Manager.
    

   Dental fee guide updates*

   Each year, Provincial and Territorial Dental Associations publish fee guides. Equitable Life® uses these guides to help determine the reimbursement limits for dental procedures. For your reference, below is the list of the average dental fee increases for general practitioners that will be used by Equitable Life for 2023.*** 

   Dental fee guide increases over 2022***

   
   
   ***Data for all provinces and territories was not available at the time of publication. This chart will be updated on EquitableHealth.ca as more information becomes available.
    

   Equitable Life ranks high with Canadian group advisors*

   Equitable Life ranked second nationally and first in Ontario among major insurers in a recent survey of Canadian group benefits advisors.
    
   NMG Consulting, a leading global consulting firm, conducted in-depth interviews with 130 leading group consultants, brokers and third-party administrators across the country between May and August 2022 for its annual Canadian Group Benefits Study. Based on these interviews, NMG ranked group insurers in six categories, ranging from operational management to technology.
   
   Nationally, Equitable Life ranked either first or second in four of the six main categories:
   
   Advisors in Ontario, in particular, scored Equitable Life very favourably. We ranked #1 overall in the province, finishing first in four of the six overall categories, including: Relationship Management, Operational Management, Underwriting and Claims Management and Technology.
    
   “The fact that advisors regard us so highly in so many categories is a testament to our mutual status and our ability to focus exclusively on our clients and advisors,” said Marc Avaria, Senior Vice President of Group. “We are truly working together to build strong, enduring and aligned partnerships.”
    
   “While we are happy with these results, we won’t rest on our laurels,” added Avaria. “We will continue to dedicate ourselves to providing our clients and advisors with a better benefits experience.”
   
   Here are more of the highlights from this year’s results:
    
   Nationally, we ranked first in all 10 subcategories in Operational Management, including:
   • Overall service to intermediaries,
   • Overall service to plan sponsors,
   • New quote process,
   • Plan implementation,
   • Renewal process,
   • Information shared at renewal,
   • Accuracy and timeliness of reporting and billing,
   • Administration quality and responsiveness,
   • Taking ownership and
   • Management information quality and availability.
   We also ranked first in Relationship Management, getting top marks in 7 of 10 subcategories, including:
   • Company relationship management,
   • Ease of doing business,
   • Account executive capability,
   • Market knowledge,
   • Visit/call quality,
   • Effective coordination and
   • Advice.
   We ranked second in Underwriting and Claims Management, finishing in the top three for all subcategories, including:
   • Fairness and timeliness of disability claims (1^st)
   • Fairness and timeliness of health claims (2^nd)
   • Fraud management (2^nd)
   • Competitiveness of pooling charges (2^nd)
   • Group underwriting flexibility (3^rd)
   • Health and dental TLR competitiveness (3^rd)
   And we ranked second in Technology, finishing in the top three for:
   • Overall technology – Intermediary (2^nd)
   • Member experience (2^nd)
   * Indicates content that will be shared with your clients.
    
3. Continuing Education
4. [pdf] A Simple Interest Option for Guaranteed Investing
5. Equitable Life Group Benefits Bulletin – March 2022 In this issue:
   • CLHIA launches industry anti-fraud initiative*
   • Provincial biosimilar update*
   • Quebec decreasing insurance premium tax*
   • Coming soon: A survey to understand how we can better serve your clients’ needs*
   • Remind your clients’ plan members in BC, Manitoba and Saskatchewan to register for Pharmacare *
   *Indicates content that will be shared with your clients
    

   CLHIA launches industry anti-fraud initiative*

   In February, the Canadian Life and Health Insurance Association (CLHIA) announced a new anti-fraud initiative that is using advanced artificial intelligence (AI) to further identify and reduce benefits fraud.
    
   Equitable Life is excited to be a part of this important initiative. It will enhance our own fraud detection analytics by using AI to connect the dots across a huge pool of anonymized claims data. This will lead to more investigations and actions to mitigate the impact of fraud on your clients’ plans.
    
   The initiative is being led by the CLHIA and member insurers and is supported by technology provider Shift Technologies. It will be further rolled-out and expanded over the next three years.
    
   Benefits fraud affects more than just insurers. The costs of fraud are felt by employers and their employees as well. We are looking forward to being able to better identify and reduce benefits fraud.
    

   Provincial biosimilar update*

   BC expands its biosimilar initiative
   BC Pharmacare recently announced it is adding two rapid-acting insulins to the list of drugs included in its ongoing initiative to switch patients to biosimilar versions of high-cost biologics. Patients taking Humalog or NovoRapid for Type 1 or Type 2 diabetes will be required to switch to a biosimilar version of the drugs by May 29, 2022 to maintain coverage under the public plan.
   
   Biologics are drugs that are engineered using living organisms like yeast and bacteria. The first version of a biologic developed is also known as the “originator” biologic. Biosimilars are also biologics. They are highly similar to the originator biologic drugs they are based on, and Health Canada considers them to be equally safe and effective for approved conditions.
   
   How we are responding to protect our clients
   To help prevent this change from resulting in additional costs for our clients’ drug plans while still providing plan members with access to safe and effective medications, we will no longer cover Humalog or NovoRapid for plan members in BC. Effective June 1, 2022, claimants currently taking Humalog or NovoRapid will be required to switch to a biosimilar version of the drugs to maintain coverage under their Equitable Life plan and their BC Pharmacare plan.
   
   We will be communicating this change to plan administrators later this week. And we will be communicating with affected claimants in early April to allow ample time to change their prescription and avoid any interruptions in their treatment or their coverage.
   If you have any questions about this change, please contact your Group Account Executive or myFlex Sales Manager.
   
   Nova Scotia and Northwest Territories introduce biosimilar initiatives
   The governments of Nova Scotia and the Northwest Territories each recently announced they are launching biosimilar initiatives to switch patients from certain originator biologic drugs to biosimilar versions of the drugs.
   
   Patients in Nova Scotia using affected originator biologic drugs will have until February 2023 to switch to a biosimilar version of their medications in order to maintain coverage under the province’s public drug plans. Patients in the Northwest Territories will have until June 20, 2022, to switch.
   
   Equitable Life^® actively monitors and investigates all biosimilar policy changes and the ongoing evolution of biosimilar drugs entering Canada.  We will keep you informed of any impact on private drug plans and how we are responding.
    

   Quebec decreasing insurance premium tax*

   The Quebec Government has announced that it plans to decrease its Insurance Premium Tax rates effective April 1, 2022. The premium tax rates for group life and accident and sickness insurance are expected to decrease from 3.48% to 3.3%. The new tax rates will be applied to premiums for the billing period beginning on or after April 1, 2022.
    

   Coming soon: A survey to understand how we can better serve your clients’ needs*

   We are committed to providing your clients and their plan members with industry-leading service. We’ve introduced several enhancements over the past year to make it easier to do business with us. And we’re continually looking for ways to improve.
    
   In the coming weeks, we will conduct a survey of your clients to help us understand how we can better serve them. On March 28, we will send plan administrators an email with a link to the survey. The survey will remain open until the end of the day on April 11 and will take between five and 10 minutes to complete. Please encourage your clients to participate. Their feedback will be confidential, and their responses will help us improve our service and ensure we’re meeting their expectations. We may also follow up with plan administrators directly to address any concerns they’ve identified.
    
   We know your clients’ time is valuable. So, each plan administrator who completes the survey will be entered into a random draw for a chance to win one of 25 prepaid gift cards for $25.
    

   Remind your clients’ plan members in BC, Manitoba and Saskatchewan to register for Pharmacare*

   If your clients have plan members in British Columbia, Manitoba or Saskatchewan, the provincial government offers a Pharmacare program to support prescription drug costs.  Plan members in these provinces must register for their provincial Pharmacare program to maintain coverage under their Equitable Life drug plan.
    
   Registration is easy! We will send two registration reminder messages directly to plan members’ pharmacists and post them on their Explanation of Benefits. We’ve also created a step-by-step guide that your clients can share with their plan members.
    
   English version
   French version
    
   For more information about the provincial Pharmacare programs, including how plan members can register, please visit:
    
   For British Columbia residents: https://www2.gov.bc.ca/gov/content/health/health-drug-coverage/pharmacare-for-bc-residents  
    
   For Manitoba residents: https://www.gov.mb.ca/health/pharmacare/apply.html
    
   For Saskatchewan residents: https://www.saskatchewan.ca/residents/health/prescription-drug-plans-and-health-coverage/extended-benefits-and%20drug-plan/drug-cost-assistance#eligibility
    
    
6. Market Commentary October 2025 Key Takeaways
   
   • Market sentiment improved significantly in Q3 as economic uncertainties eased.
   • Both U.S. and Canadian stock markets posted strong gains. The rally was supported by sector-specific earnings strength and structural growth drivers in AI and digital infrastructure. Equity valuations remain elevated, which could become a potential headwind for future performance.
   • Canadian bond markets delivered positive returns in Q3. Returns were largely from underlying interest income, supported by modestly lower interest rates and continued strong performance from tighter credit spreads.
   • Both the Bank of Canada and the U.S. Federal Reserve restarted easing in Q3. Each central bank cut rates by 25 basis points in September, responding to rising risks to labour markets.
   
   Economic and Market Update

   Economic Summary: In the U.S., economic activity has remained relatively steady through 2025. However, while business investment remained robust, the pace of hiring slowed. Inflation has increased in recent months, but overall price pressures appear contained. Trade uncertainty eased in the third quarter as the U.S. reached agreements on tariffs with several key trading partners. Countries such as Japan, South Korea, and Indonesia, as well as the European Union, negotiated compromise deals. These deals typically involved U.S. tariffs in the range of 15% to 20% in exchange for market access or investment commitments. However, other nations faced higher tariffs of 30-50% following failed negotiations. Mexico and China are currently in a 90-day pause on tariff hikes, which will expire on October 29 and November 10, respectively. At its September meeting, the U.S. Federal Reserve (the “Fed”) lowered its policy rate by 25 basis points to a range of 4.00%– 4.25%. The Fed also signaled that additional interest rate cuts will likely be required to support the economy. Chair Jerome Powell highlighted increasing risks to the labour market and decreasing risks to inflation. He emphasized that the Fed remains data dependent and that interest rate decisions will be made “meeting-by-meeting”. The October 1 shutdown of the U.S. government added further uncertainty to the economic outlook. Key data releases are expected to be delayed, and the White House has warned of mass layoffs of federal workers.

   The Canadian economy experienced a modest rebound in July following weak growth in the second quarter. However, U.S. tariffs and ongoing trade policy uncertainty continue to present risks to the economy. The labour market continues to weaken while inflationary pressures have eased in recent months. On July 31, the U.S. increased tariffs on Canadian imports from 25% to 35% for those products not exempted under USMCA. In addition, the U.S. has expanded its list of sector-specific tariffs. This is expected to place further strain on Canadian exporters. In response to these developments, the Bank of Canada cut its policy rate by 25 basis points to 2.50% during its September meeting. Governor Tiff Macklem indicated that the Bank is prepared to take further action if the balance of risks shifts to weaker growth.
   
   
   
   Bond Markets: During Q3, the FTSE Canada Universe Bond Index returned 1.5%. Yields on Canadian bonds with maturities of 10 years or less declined. That reflected increased expectations for interest rate cuts by the Bank of Canada. Yields on bonds with maturities of greater than 10 years increased moderately, as investors continued to demand a higher risk premium for long-term debt.
   
   Overall, corporate bonds saw a positive return for the quarter and outperformed government bonds. This outperformance was due to the higher interest rate on corporate bonds relative to government bonds, with an assist from modestly tighter credit spreads. Corporate issuance was robust during the quarter with strong investor demand, as investors were willing to look past U.S. tariffs and their potential impact to global growth. There were 99 corporate bond issuances during Q3 that combined to raise $45 billion for issuers, a new record. Indeed, the new issuance market is tracking ahead of last year, the previous high-water mark for issuance.
   
   Notwithstanding the continued strong performance from corporate bonds, we have maintained a bias towards shorter corporate bonds where the risk and reward are better balanced. We remain ready to invest in longer corporate bonds as valuations become attractive.
   
   
   Stock Markets: Equity markets posted strong gains in Q3. The S&P 500 returned 8.1% for the quarter, led by Information Technology and Communication Services. Investors focused on the expansion of AI infrastructure and a more favourable regulatory environment for blockchain technology. These themes supported risk appetite despite valuations remaining high relative to historical averages. The Canadian market returned 12.5% in Q3, outperforming the U.S. by more than 4%. This was driven mainly by strong returns in the Materials sector. Meanwhile, the Europe, Australasia, and Far East Index (EAFE) returned 5.4%, as international investors re-evaluated the “Sell America” trade trend.
   
   
   
   U.S. Equities: In Q3, U.S. equities rose on strong momentum in AI infrastructure investment and growing interest in blockchain innovation. Mega-cap tech stocks led the rally. Major announcements such as NVIDIA’s $100 billion investment in OpenAI and Oracle’s $300 billion multi-year cloud deal highlighted the rapid growth of hyperscale data centers and the deepening commitment to AI development. A more supportive regulatory environment for blockchain technology also boosted investor interest in digital assets. This was reflected in robust IPO activity from crypto-focused companies such as Figure Technology and Gemini. Both stocks saw sharp gains following their public market debuts. That said, the S&P 500 continues to trade at nearly 23 times its forward earnings, roughly 20% above its 10-year average.
   
   Canadian Equities: Canadian equities rose on better-than-expected economic data and sector-driven earnings, outperforming the U.S. by more than 4% in Q3. The Materials sector drove the rally, contributing nearly half of the gain for the TSX in Q3, as the price of gold surged past US$3850/oz (+45% YTD). The Technology sector also posted solid results, highlighted by Shopify’s continued strong performance. Shopify’s AI-driven product expansion and scalable digital commerce growth pushed the stock to trade around 85 times its forward earnings over the next twelve months. Positive sentiment extended to the Financials sector, where better-than-expected provisions for credit losses helped support a revaluation of bank stocks.
   
   Overall, Q3 marked a risk-on environment across North American equities, underpinned by sector-specific earnings strength and structural growth drivers. In the U.S., enthusiasm around AI and digital infrastructure continued to dominate. In Canada, the rally was driven by surging gold prices and better-than-expected bank earnings. These catalysts helped sustain broad-based market strength across both markets.
   
   Bottom line:  Overall market sentiment improved in the third quarter following the volatility earlier in the year caused by tariffs. Investors benefited from resilient performance in North American equities and positive performance in fixed income. In the U.S., the Federal Reserve resumed its rate-cutting cycle, while strong consumer demand and continued capex-spending acted as key drivers for the market strength. In Canada, gold prices continued to surge amid persistent safe-haven demand driven by geopolitical risks. Looking ahead, we will continue to closely monitor valuation levels and underlying economic data for signals of inflection as the cycle progresses.
   
   
   
   Downloadable Copy
    

   Mark Warywoda, CFA VP, Public Investments	Ian Whiteside, CFA, MBA AVP, Public Investments	Johanna Shaw, CFA Director, Public Investments	Jin Li Director, Equity Investments
   Wanyi Chen, CFA, FRM Sr. Quantitative Analyst	Andrew Vermeer, CFA Senior Analyst, Credit	Elizabeth Ayodele  Analyst, Credit	Edward Ng Cheng Hin Analyst, Credit	Kate (Huyen) Vinh Analyst, Equity	Francie Chen Analyst, Rates

   
   ADVISOR USE ONLY
   Any statements contained herein that are not based on historical fact are forward-looking statements. Any forward-looking statements represent the portfolio manager’s best judgment as of the present date as to what may occur in the future. However, forward-looking statements are subject to many risks, uncertainties, and assumptions, and are based on the portfolio manager’s present opinions and views. For this reason, the actual outcome of the events or results predicted may differ materially from what is expressed. Furthermore, the portfolio manager’s views, opinions or assumptions may subsequently change based on previously unknown information, or for other reasons. Equitable^® assumes no obligation to update any forward-looking information contained herein. The reader is cautioned to consider these and other factors carefully and not to place undue reliance on forward-looking statements. Investments may increase or decrease in value and are invested at the risk of the investor. Investment values change frequently, and past performance does not guarantee future results. Professional advice should be sought before an investor embarks on any investment strategy.
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9. [pdf] FundSERV - Schedule "B" Commission Schedule
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