On February 13, 2006, the Canadian Council of Insurance Regulators (CCIR) and the Canadian Insurance Services Regulatory Organizations (CISRO) released Managing Conflicts of Interest: A consultation Paper on Enhancing and Harmonizing Best Practices. The consultation paper seeks comments on recommendations designed to promote consumer confidence in the insurance industry.
This consultation paper is the third paper released by the Industry Practices Review Committee (IPRC) on the subject of managing actual or potential conflicts of interest in the insurance industry. In June 2005, the IPRC released a consultation paper entitled Relationships Between Insurers and Sales Intermediaries to outline the findings of two market conduct questionnaires and to ask stakeholders for comments on possible policy options. In November 2005, the IPRC released a second paper entitled the Summary of Responses: Achieving Best Practices to summarize the responses to the June 2005 paper. The recommendations described in the current paper have been developed from these earlier papers and should be read in conjunction with them.
CCIR is an inter-jurisdictional association of regulators of insurance. Its mandate is to facilitate and promote an effective regulatory system in Canada to serve the public interest. http://www.ccir-ccrra.org