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ARTICLE · 29 APRIL 2022

CISRO Finalizes Principles Of Conduct For Insurance Intermediaries

On April 6, 2022, following the consultation of industry stakeholders in the summer of 2021, the Canadian Insurance Services Regulatory Organizations ("CISRO") published the Principles of Conduct for Insurance Intermediaries.

CanadaInsurance

On April 6, 2022, following the consultation of industry stakeholders in the summer of 2021, the Canadian Insurance Services Regulatory Organizations ("CISRO") published the Principles of Conduct for Insurance Intermediaries (the "Principles") for the fair treatment of customers in the life and health, and property and casualty insurance markets in Canada.

The Principles consist of ten professional behavior and conduct expectations for the fair treatment of customers by insurance intermediaries in Canada. It is important to note that the Principles define "insurance intermediary" and "customer" quite broadly. Specifically, the definition of "insurance intermediary" includes adjusters, agents, brokers, representatives, MGAs, and third-party administrators. This includes captive agents, holders of restricted agent/agency licenses, and persons exempted from licensing requirements who are involved in the incidental sale of insurance products. Further, the definition

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