Steps are being taken to increase public trust and confidence in Ontario’s insurance sector
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.
To review the proposed guidance on FSRA’s adoption of the CISRO Principles of Conduct for Insurance Intermediaries and submit your feedback, please visit the FSRA website. The consultation period is now open and will close on May 3, 2022.
FSRA continues to work on behalf of all stakeholders, including consumers, to ensure financial safety, fairness, and choice for everyone.
Learn more at www.fsrao.ca.