The Canadian Insurance Services Regulatory Organizations (CISRO) has published a new set of guidelines that prescribe proper business conduct for insurance intermediaries.
CISRO’s Principles of Conduct for Insurance Intermediaries outline professional behaviour and conduct expectations for adjusters, agents, brokers, carrier representatives, managing general agencies, and third-party administrators, for the fair treatment of consumers. At the same time, it also recognizes that each Canadian jurisdiction has its own regulatory approach to the conduct of business. Thus, CISRO encourages all intermediaries to conduct their business following the relevant principles that apply, while ensuring that they comply with all applicable laws within their own jurisdictions.
"CISRO members are committed to supporting a consistent approach to consumer protection through the regulation of insurance intermediaries. The Principles will be a resource for consumers to better understand the conduct they should expect from insurance professionals," said CISRO chair Eric Jacob.
According to the group, the principles were finalized following consultation with stakeholders in the summer of 2021.
At least one provincial regulator has publicly proposed to adopt the principles. Ontario’s Financial Services Regulatory Authority (FSRA) announced in a release that it is consulting on guidance to adopt CISRO’s principles.
Read more: CISRO appoints new chair
Late last year, CISRO appointed Eric Jacob as its new chair. Jacob is the superintendent of client services and distribution at the Autorité des marchés financiers (AMF). He has more than 20 years of leadership experience in the financial services industry, which spans insurance, banking, and securities.