ID
2022-007
Thank you for providing your feedback on FSRA’s consultation on proposed Principles of Conduct for Insurance Intermediaries
The request for submissions is now closed.
FSRA has reviewed the Fair Treatment of Customers in Insurance Guidance, which outlines its approach to using the Guidance: Conduct of Insurance Business and Fair Treatment of Customers (FTC Guidance) to supervise the conduct of insurers and other entities.
The FTC guidance was adopted jointly by the Canadian Insurance Services Regulatory Organizations (CISRO) and the Canadian Council of Insurance Regulators (CCIR).
FSRA considers the CISRO Principles of Conduct for Insurance Intermediaries (the Principles) and the CISRO and CCIR Incentive Management Guidance (IMG) to be companion documents to the FTC Guidance. Accordingly, FSRA will continue to reference the principles outlined in the FTC Guidance, IMG and the Principles in its ongoing licensing and supervisory activities and will not proceed with finalizing a standalone FSRA Guidance on the Principles of Conduct for Insurance Intermediaries.
The Financial Services Regulatory Authority of Ontario (FSRA) is proposing to adopt principles of conduct for those who sell, distribute or service property, casualty and life, and health insurance. The principles outline industry obligations and behaviour that customers should expect when purchasing insurance products, helping to increase public trust and confidence in the sector.
FSRA is now consulting on guidance that proposes to adopt the Canadian Insurance Services Regulatory Organizations’ (CISRO) Principles of Conduct for Insurance Intermediaries into its regulatory framework. The proposed guidance reinforces the fair treatment of customers as a core component of the intermediary business culture.
This consultation aligns with the publication of the final CISRO Principles, which reflects consultation feedback received from industry and the public. The CISRO Principles supplement and build upon the intermediary elements in the CISRO and Canadian Council of Insurance Regulators (CCIR) Guidance on Conduct of Insurance Business and Fair Treatment of Customers.
The consultation period is now open and will close on May 3, 2022.
Review the proposed guidance on FSRA’s adoption of the CISRO Principles of Conduct for Insurance Intermediaries and submit your feedback.
Before we begin, please make sure you do not include any personal or private financial information. If your inquiry does require this information be shared with us, please call us at 1-800-668-0128 or email us at [email protected] for instructions.
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