Insurance Regulators Issue Draft Principles Of Conduct For Insurance Intermediaries

On May 25, 2021, the Canadian Insurance Services Regulatory Organizations ("CISRO") announced that it is developing "Principles of Conduct for Intermediaries" to help ensure the fair treatment of customers in the life & health and property & casualty insurance sectors. Along with the press release, CISRO published  proposed principles (the "Draft Principles") on which it is seeking feedback from interested parties. The deadline to submit feedback is July 9, 2021.

In CISRO's view, the Principles reflect minimum regulatory conduct standards that are common across Canada regarding the fair treatment of customers, while recognizing that each jurisdiction has its own regulatory approach for the conduct of business. In particular, any requirements, rules or standards of conduct that are more strict or specific will take priority over the Principles.