The Canadian Council of Insurance Regulators is seeking information from insurers on their practices for managing conflicts of interest.

The CCIR has launched a survey to assess the implementation of principles adopted back in June 2006. The CCIR and the Canadian Insurance Services Regulatory Organizations endorsed three principles for managing actual or potential conflicts of interest in the marketplace. The principles are: priority of the client’s interest; disclosure of conflicts or potential conflicts of interest; and, product suitability.

To assess the implementation of these principles by insurers and the overall effectiveness of a principles-based regulatory regime, the CCIR’s Industry Practices Review Committee is requesting that insurers complete a risk-based market conduct questionnaire. The questionnaire is designed to collect information from insurers across Canada about their current practices for managing conflicts in the marketplace.

All chief executive officers and chief agents are requested to certify that the information provided in the responses represents the current practices of their respective companies.

The Financial Services Commission of Ontario is collecting this information on behalf of the regulators of Alberta, Saskatchewan, Manitoba, Ontario, Quebec, New Brunswick, Nova Scotia, Prince Edward Island and Newfoundland & Labrador.

Companies are requested to complete the questionnaire both online and by paper. On or before March 14, all companies are required to complete the questionnaire online. The certified paper questionnaire should be received by FSCO on or before March 24.