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In 1986, petitioner received his license to sell life
insurance products in the State of California. From 1986 to June
1990 and from June 1993 to at least the date of trial, petitioner
worked for the Manufacturers Life Insurance Co. (USA) (Manulife)
selling life insurance products. Manulife is a Toronto-based
insurance company that sells annuities, group pensions, insurance
policies, and college savings plans and provides investment
account management services.
On January 1, 1999, petitioner executed a “Regional Director
Employment Agreement” (agreement) with Manulife, which was in
effect during the years in issue.3 The agreement required
petitioner to serve Manulife full time as a primary
representative and an integral part of Manulife’s sales service
for an indefinite period. The agreement also required petitioner
to “agree not to sell, solicit, market or otherwise promote
financial products for any company other than” Manulife and its
subsidiaries without Manulife’s written consent and to adhere to
all policies, procedures, and written rules and regulations of
Manulife including Manulife’s codes of conduct.
Under the agreement, petitioner was an at-will employee.
The agreement provided that petitioner was “attached” to
Manulife’s Orange County Sales Office in Irvine, California
(Irvine office), and assigned him the southern California sales
3 Manulife has 29 regional directors nationwide.
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Last modified: May 25, 2011