On May 25, 2021, the Canadian Insurance Services Regulatory
Organizations (“CISRO”) released
proposed Principles of Conduct for
Intermediaries (the
“Principles”). The Principles are
intended to help ensure the fair treatment of customers in the life
& health and property & casualty insurance sectors in their
dealings with adjusters, agents, brokers and other intermediaries.
CISRO is currently seeking feedback on the Principles from
stakeholders. The deadline to submit comments is July 9, 2021.
The Principles
Purpose
According to CISRO, the Principles are meant to reinforce the
fair treatment of customers as a core aspect of the intermediary
business culture, including the conduct of business in an honest
and transparent manner. Although the insurer is responsible for the
fair treatment of customers throughout the life cycle of the
insurance product, as it is the insurer who is the ultimate
risk-carrier, this responsibility does not absolve intermediaries
of
