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ARTICLE · 04 JUNE 2018

Insurance Regulators Team Up To Strengthen Consumer Protection

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On May 3, 2018, the Canadian Council of Insurance Regulators and the Canadian Insurance Services Regulatory Organizations released a joint draft guidance paper setting out their expectations for insurers and intermediaries ...

CanadaInsurance
Darcy Ammerman
Darcy Ammerman
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On May 3, 2018, the Canadian Council of Insurance Regulators ("CCIR") and the Canadian Insurance Services Regulatory Organizations ("CISRO") released a joint draft guidance paper (the "Guidance") setting out their expectations for insurers and intermediaries relating to their conduct of insurance business and fair treatment of consumers based on the Insurance Core Principles of the International Association of Insurance Supervisors (the "IAIS Standards").

The Guidance defines fair treatment of consumers quite broadly, using concepts such as ethical behaviour, good faith and the prohibition of abusive practices. In defining their expectations, CCIR and CISRO focus on the following twelve recommendations:

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