Newfoundland brokers to meet province on disclosure requirements

Newfoundland brokers are meeting with the provinces superintendent of insurance to discuss the disclosure requirements contained in the provinces January 2007 consumer protection document entitled Principles for the Sale of Insurance.
As far as the industry is concerned, especially the brokers here in the province, we feel it puts an onerous requirement on us as businesspeople, said Insurance Brokers Association of Newfoundland president Robert Dunne. Were trying to enter discussions with the government on that.
In a press release, Dianne Whalen, Newfoundlands minister of government services, said all insurance companies and brokers are now obliged to provide this consumer protection document to all consumers when they purchase automobile, homeowners, commercial, marine, life and other insurances and to provide the information about their insurance purchase as outlined in the document.”
Among other things, the consumer protection document requires disclosure of:
deductible options and premiums with various deductibles
any available discounts
all coverages available and costs of each
companies represented and quotes obtained
reasons for cancellation or refusal to renew as well as rationale for increases
broker affiliations with insurance companies
commission structures, and
product suitability
Dunne said the provinces brokers have no objections to reporting the above information to their clients. But brokers think it would be more efficient to disclose the information upon a consumers request.