The Canadian Life and Health Insurance Association today announced a package of initiatives to improve disclosure and enhance customer confidence.

The initiatives include five elements: improved product disclosure; improved intermediary disclosure; regular reviews of compensation practices; disclosure of travel incentives; and an effort to improve consumer awareness.

“Customer trust and confidence has always been of central importance to Canada’s life and health insurance industry,” says Greg Traversy, president of the CLHIA. “Canada’s life and health insurers are moving proactively today to reinforce transparency and customer information with initiatives that build on the strong foundations put in place over past decades.”

Consumers considering life and health insurance products will receive a product profile conforming to new standards and covering key features relevant to making informed and confident decisions.

Companies will work cooperatively with intermediaries distributing life and health insurance products so that customers receive a brief, clear intermediary disclosure document.

Life and health insurers will regularly review and assess their sales-related compensation practices and structures including from the perspective of their customers’ interests.

Companies offering travel incentives will disclose the conditions of eligibility. As well, company Web sites will make accessible the Consumer Assistance Centre, the industry’s consumer publications and a Consumer Code of Ethics.

“In combination with the many current consumer protection measures, these new initiatives will ensure that Canada’s life and health insurance customers continue to have the information they need to make the best choices for themselves and their families,” said Traversy.