The Canadian Council of Insurance Regulators (CCIR) after public consultations, agreed on three principles as best practices in managing actual or potential conflicts of interest. The principles promote consumer confidence in the insurance industry by outlining best practices for managing these situations when they arise. The principles are:
- Priority of the client’s interest: Distributors must put the interest of policyholders and purchasers ahead of their own;
- Disclosure of conflict or potential conflict of interest: Consumers must receive disclosure of any actual or potential conflict of interest that is associated with a transaction or recommendation; and
- Product suitability: Products recommended must meet the needs of the consumer.
Cayuga Mutual Insurance Company, its Board of directors, all staff and agents are committed to adhering to the management of actual or potential conflicts of interest.