The working group established by The Canadian Council of Insurance Regulators (CCIR) and The Canadian Insurance Services Regulatory Organizations (CISRO) tabled its final report on incidental selling of insurance (ISI) in November 2008. The ISI working group believes monitoring using licensing, restricted licensing or a distribution guide brings accountability and provides for additional enforcement but it stopped short of recommending a particular regime to be used across the board in all provinces and territories. Since tabling the ISI report, there have been some developments in certain provinces with respect to regulation.
This summary, presented to the Canadian Association of Financial Institutions in Insurance, provides an overview regarding whether consumers benefit from different regulatory regimes:
- where the various provinces are at in dealing with ISI since the tabling of the report;
- the recommendations of the ISI report, its policy rationale and what the banks are doing, taking into account the Supreme Court of Canada’s decision that banks must comply with provincial insurance legislation when promoting insurance; and,
- an approach in assessing ISI.
Fasken Martineau – Canadian Association of Financial Institutions in Insurance Conference – June, 2010.
Want More Investigative Content?
