The CCIR
has released its final report on the
above noted topic. Three principles
previously identified by the CCIR as
being key to providing consumer
confidence in the insurance industry
are:
1. Priority
of Client's Interest
2.
Disclosure of Conflicts or Potential
Conflicts of Interest, and
3. Product
Suitability
After
reviewing the practices of
intermediaries and insurers, the CCIR
has determined that support for the
three principles is high and that no
further steps by regulators are
necessary at this time. The report
recommends that individual regulators
continue to monitor support for the
principles and appreciates industry's
continued support. The report can be
found on the CCIR website at
ccir-ccrra.org. The CCIR will be
providing aggregate results of the
surveys of insurance agents and
insurance companies that were conducted
as a part of this review so that
participants can compare their answers
to the industry results.