Insurance regulators consult on conduct principles

The Canadian Insurance Services Regulatory Organizations (CISRO) are consulting on proposed principles of conduct to help ensure customers are treated fairly.

The proposed Principles of Conduct for Intermediaries reflect minimum regulatory conduct standards that are common across the country, and are intended to complement the fair treatment of customers guidance (FTC guidance) from CISRO and the Canadian Council of Insurance Regulators.

The proposed principles also align with the International Association of Insurance Supervisors’ insurance core principles.

Examples of professional behaviour included in CISRO’s proposal are placing customers’ interests first, managing and disclosing conflicts, and providing accurate advice based on complete information.

In a release on Tuesday, the Financial Services Regulatory Authority of Ontario, a member of CISRO, said it will consult “later this year” on a proposed approach to adopting the CISRO principles into its regulatory framework.

CISRO’s consultation ends July 9.

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The staff of Advisor.ca have been covering news for financial advisors since 1998.