• Letter to Stakeholders
• Consultation Document

• Letter to Stakeholders
• Discussion Paper

• Letter to Stakeholders

• Joint Forum of Financial Market Regulators

• Report by Industry Associations

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 presented the following three principle-based recommendations focusing on marketplace outcomes:

      ·      Priority of the client’s interest;

·      Disclosure of conflict or potential conflict of interest; and

·      Product suitability.

 Comments were requested for the three principle-based recommendations intended to enhance and harmonize best practices in the management of conflicts of interest in the insurance industry.  

The period for receiving submissions ended on March 24, 2006. The CCIR Secretariat received forty-three submissions, of which thirty-five were from industry associations.  The submissions were then forwarded to the Industry Practices Review Committee (IPRC).  The IPRC selected eleven national industry associations for a more detailed review.   In this report, the IPRC is presenting to the CCIR the results of the information gathered from these eleven national industry associations as of October 27, 2006.

• Letter to Stakeholders

On February 13, 2006, CCIR and CISRO released Managing Conflicts of Interest: A Consultation Paper on Enhancing and Harmonizing Best Practices. The consultation paper requested comments on three principle-based recommendations designed to promote consumer confidence in the insurance industry and the best means to implement the principles.

After considering the responses received, CCIR and CISRO recently endorsed the principles outlined in the consultation paper. As for next steps, CCIR and CISRO intend to focus on the consistent application of these principles across the insurance industry. CCIR and CISRO agreed to extend the mandate of the Industry Practices Review Committee (IPRC)  to monitor the implementation of these principles in the marketplace.

The IPRC has released a letter on the current status of the work of the IPRC. You may view the letter by clicking on the link provided above.

• Stakeholder Submissions

The consultation period for Managing Conflicts of Interest: A consultation Paper on Enhancing and Harmonizing Best Practices ended on March 24, 2006. The CCIR Secretariat has received 43 responses and would like to thank all respondents. The responses are currently being reviewed by the CCIR/CISRO Industry Practices Review Committee (IPRC).

You may view the responses received by clicking the link provided above.

• Stakeholder Submissions

The consultation period for the paper entitled Privilege and Whistle-Blower Protection ended on February 28, 2006. The CCIR Secretariat has received fourteen (14) responses and would like to thank all respondents.

The Working Group on Privilege and Whistle-Blower Protection is doing further work based on the responses. There is expected to be discussion by regulators on privilege and whistle-blower protection at the Fall 2006 CCIR meeting. A further update will be provided in October.

You may view the responses received by clicking the link provided above.

• Letter (13 February, 2006)
• Discussion Paper

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.

• Letter (14 December,  2005)
• Discussion Paper

• Letter (18 November, 2005)
• Consultation Paper

• Letter (November  4, 2005)
• Executive Summary
• Summary of Responses   

Summary of Responses on the Consultation Paper on Relationships between Insurers and Sales Intermediaries –Achieving Best Practices. November, 2005

On November 4, 2005, the Canadian Council of Insurance Regulators (CCIR) and the Canadian Insurance Services Regulatory Organizations (CISRO) released the Summary of Responses on the Consultation Paper on Relationships between Insurers and Sales Intermediaries –Achieving Best Practices

The Industry Practices Review Committee (IPRC) conducted fact gathering through the questionnaires sent to insurance companies in the fall of 2004, the questionnaires that the Autorité des marchés financiers (AMF) and the Registered Insurance Brokers of Ontario (RIBO) sent to agents and brokers and the June 2005 discussion paper.  The IPRC has not made any recommendations during this fact gathering stage.

This paper has been prepared by the IPRC to summarize the comments received and provide analysis.  The IPRC will now be turning its attention to determine whether any recommendations should be made to achieve best practices in managing conflicts of interest in the insurance industry.

• Stakeholder Submissions

Update on CCIR/CISRO Consultation Paper Relationships between Insurers and Sales Intermediaries August 24, 2005

The consultation period for the consultation paper entitled Relationships between Insurers and Sales Intermediaries ended on August 3, 2005.  The CCIR Secretariat has received 68 responses and would like to thank all respondents.   The responses are currently being reviewed by the CCIR/CISRO Industry Practices Review Committee (IPRC). 

Regulators will then consider proposing recommendations for further actions.  If any recommendations are proposed, opportunities for additional discussion and consultation with stakeholders are expected.  Such decisions will be made in Fall 2005.   Further updates will be provided in October 2005.  

You may view the responses received by clicking on the link provided above.

• Follow up letter to Stakeholders (June 15, 2005)

• Letter (June 3, 2005)
• Executive Summary
• Consultation Paper

On June 3, 2005, the Canadian Council of Insurance Regulators (CCIR) and the Canadian Insurance Services Regulatory Organizations (CISRO) released a consultation paper entitled Relationships Between Insurers and Sales Intermediaries.

The consultation paper was prepared by the CCIR / CISRO Industry Practices Review Committee (IPRC).  The IPRC was formed in October of 2004 to ensure a coordinated national approach to regulators’ review of insurance practices regarding the relationship between insurers and sales intermediaries. 

The IPRC welcomes the comments, suggestions and ideas of consumers and insurance industry stakeholders regarding the issues described in this consultation paper.  The consultation period will end on August 3, 2005.  

• Letter (December 2, 2004)
• Life Risk-Based Market Conduct Questionnaire

• Letter (November 1, 2004)
• P&C Risk-Based Market Conduct Questionnaire

• Risk-Based Market Conduct Regulation:
  A Survey of Approaches 

• Letter to Stakeholders (March 30, 2004)
• Consultation Paper
• Stakeholder Responses

• Letter to Stakeholders (January 23, 2004)
• Discussion Paper
• Stakeholder Responses

• CCIR Application for Insurers Licence

• Letter to Stakeholders Inviting Proposals (June 24, 2002)
• Letter to Stakeholders (October 30, 2002)

• News Release (March 22, 2002)
• Classes of Insurance
• Amalgamation of Insurance Classes Matrix
• IBC Guideline: Guidelines for Adding Classes of Insurance or New Products within "Other Approved Products" Class
• IBC Guideline: Streamlined Process for Adding New Products within "Other Approved Products" Class

• Principles for Consumer Protection  
• CCIR's Consumer Protection Initiatives Working Group Report

• Letter to all Life and Health Insurers dated May 12, 2000
• Life insurance companies self assessment questionnaire market conduct
• Letter to all Life and Health Insurers dated March 31, 2000