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Advocis Forum Article
3:38pm - 03/Jun/2010

RcF's Founder, Roy W. Craik has been recognized for his achievements in  the June 2010 issue of Advocis' Forum magazine.  Learn about Roy's innovations in the insurance industry before he moved on to innovating the supplemental pension industry.   

For those that do not subscribe to Forum, an electronic copy can be viewed on the Advocis website:


Corrections - The following was an letter sent to the Editor of Forum:

Dear Craig

While I appreciate being recognized by my peers for my contributions to the insurance industry over the past 40 years, I was not solely responsible for the creation of Refundable Premium Whole Life (RPWL) as the article seems to imply. That product evolved from ASPWL and, Jim Burton of PPI (with others) was very much part of that.


During our interview, Marjo Johne and I covered a lot of years/material through the evolution of insurance products and tax changes starting with ASPWL, moving to Refundable Premium; the 1981 tax changes; emergence of COLI for SERPS; T100; the 1986 RCA rules and the development of the first tax-sheltered insurance product for RCAs (not mentioned in article). That, with what else she had been told, is a lot to digest. Her article on everyone is therefore most commendable.


When you go back 40 years, people’s memories & remembrances of facts can sometimes change. I have been fortunate to have had the support and involvement of many bright people in the insurance industry and, particularly, the insurance companies to bring some of my ideas to fruition. It’s important that credit is given where due. Jim Burton was also the one who introduced leveraged RPWL.


Although these are probably typos, in referring to Whole Life insurance per 1981 (UL did not enter Canada until after the 1981 tax changes), it was not the “higher interest rates” but the “higher premium rates”. Actual dividend (interest) rates for Whole Life where very high in that period and, if you could afford the higher premiums, provided excellent  long term returns for policy holders until de-mutualization of the large companies that sold participating insurance. As to T100, although initial premiums were a “bit” higher (not “big”) than Term 5,10 rates, they were substantially lower after renewal dates.


In closing, I want to thank both Advocis and Marjo for an excellent article. As Marjo points out, “there are many other innovators in this industry” and I am honored to be recognized as one.


Kind regards


Roy W. Craik, Chairman

Retirement Compensation Funding Inc

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