Keyword
fair treatment of customers
Same rules apply to brokers/insurers designing incentives
May 19, 2023 by David GambrillCanada’s insurance regulators have confirmed insurers and brokers are each expected to comply with new guidance related to designing and managing sales incentive programs, even though the insurer is ultimately responsible for the fair treatment of customers for the full…
Claims denials on their way down, regulator reports
January 23, 2023 by David GambrillClaims denial ratios for the stressed business lines of aircraft, liability and marine — which spiked during the pandemic in 2020 — are starting to return to their pre-pandemic levels, according to the Canadian Council of Insurance Regulators (CCIR). “For…
Fee disclosure: Where national guidance meets provincial regulation
March 29, 2022 by David GambrillIf you are a broker concerned about fair dealing with consumers, must you disclose your premiums that are baked into their premium rates? Or only those fees separate and apart from your commissions? In fine Canadian fashion, the answer depends…
Regulator to study incentive programs as part of “fair treatment” education mandate
November 13, 2019 by Jason ContantMore communication is needed to inform the broker community about fair treatment of customers (FTC) guidance, since there may be a disconnect or lack of awareness of the topic, the Canadian Council of Insurance Regulators (CCIR) reported recently. In particular,…
Does Canada really need multiple guidelines for fair treatment of customers?
November 12, 2019 by Jason ContantOntario’s new financial services regulator plans to issue a revised guideline on fair treatment of customers over the next few months to help counter confusion over which guidelines to follow. Last year, the former provincial regulator, Financial Services Commission of…