About CAFII

The Canadian Association of Financial Institutions in Insurance (CAFII) is a not-for-profit association dedicated to the development of an open and flexible insurance marketplace. CAFII was established in 1997 to provide a voice for financial institutions involved in selling insurance through a variety of distribution methods. CAFII believes consumers are best served when they have meaningful choice in the purchase of insurance products and services.

CAFII is the only insurance association today whose members are involved in all major lines of the insurance business. Our members provide insurance through client contact centers, agents and brokers, travel agents, direct mail and the Internet. Our members sell highly innovative products and services that consumers often purchase to complement other insurance products. CAFII members offer a variety of insurance products including travel, life, health, property and casualty, and Creditor’s group insurance.

CAFII’s diversity in membership enables our association to take a broad view of the regulatory regime governing the insurance marketplace. CAFII works with government and regulators (primarily provincial) to develop a legislative and regulatory framework for the insurance sector that helps ensure Canadian consumers get the insurance products that suit their needs. Our aim is to ensure appropriate standards are in place for the distribution and marketing of all insurance products and services.

CAFII Mission & Mandate

Mission

CAFII will represent, promote and advance the interests of financial institutions in insurance and affiliated organizations. Its express goal is fostering an open and flexible marketplace that is efficient and effective and allows consumers an expanded choice in the purchase of insurance products and services. CAFII will work with other industry associations, where appropriate, to ensure public policy supports a legislative and regulatory environment that is healthy for future growth.

Constituency

CAFII provides a voice to represent the interests of financial institutions that distribute a broad range of insurance products including but not limited to travel, life, health, P&C, and credit insurance through a variety of distribution channels to the mass market. We recognize that certain products and channels are emerging and unique.

Advocacy

CAFII works with government and regulators (primarily provincial) to develop appropriate legislative and regulatory framework for the insurance sector. Our aim is to ensure appropriate standards for marketplace practices and development of appropriate governance of distribution and marketing of insurance products and services.

Provide a Forum

Provide a member forum to:

Foster the development of our unique products and channels,
Facilitate the exchange of information and views among members,
Bring together experts on priority association issues for discussion and education, and
Allow suppliers and providers to share knowledge.

Collaboration

To promote relationships and collaborate with other associations, consumer groups and key stakeholders.

Association Objectives

Objectives

Identify key insurance issues at the provincial or federal level and provide regular and timely information updates.
Provide a forum for development of strategic positions.
Recommend positions CAFII should support that will allow consistent development of our products and channels.
Lead lobbying efforts for CAFII constituency.
Act as a resource base of experts for regulators relative to our unique offerings and distribution channels. This includes providing a national perspective for provincial regulators.
Provide direction for compliance.

Goals

CAFII will focus on issues that fall within the following two overall areas:

Expanding consumer choice
CAFII members are committed to industry leadership in providing high quality service and products. CAFII promotes allowing expanded choices in insurance products and channels for purchasing those products. For consumers to have choice, they must have ready access to insurance and to information about products and services.
Effective and efficient regulation
CAFII asserts efforts to minimize regulatory burden while supporting strong consumer protection measures. CAFII works with government to ensure there are appropriate market conduct rules. CAFII supports reliance on disclosure, competition, self-regulation through codes of conduct, risk-based supervision and harmonization amongst the various jurisdictions.

Association Activities

CAFII will develop and implement advocacy initiatives to:

Communicate with consumers, government officials, and the media about the benefits of greater choice in the sale and distribution of insurance products and services.
Build support among government decision-makers for removing restrictions on the sale, marketing and distribution of insurance products and services by deposit-taking financial institutions.
Promote the Association as an authoritative and thoughtful alternative voice in discussions of insurance issues.
Responsive to concerns of consumers, governments, regulators, and other key stakeholders in pursuing the objectives of the Association.

CAFII will also:

Monitor, analyze and provide information and strategic advice to members regarding government priorities, legislative and regulatory initiatives, and other issues of importance to members.
Support the training and professional development needs of members to ensure high standards of professionalism in insurance sales and services.
Undertake research to support Association positions and objectives.
Provide regular educational forums for members and regulators in both a structured and informal environment

Structure & Governance

Association Governance and Leadership

Membership in CAFII brings together a network of financial institutions and others interested in the advancement of an open insurance market in Canada. The Association is a not-for-profit organization funded by the annual fees of members. It is member-directed and operates on the basis of a strategy and action plans worked out with members. Members are relied on for strategic direction and technical guidance. Accountability to the needs of the members is built into the Association’s structure and procedures.

Officers

Chair, Peter McCarthy BMO Insurance	Co-Executive Director, Brendan Wycks	Co-Executive Director, Keith Martin
CAFII EOC Chair and Secretary, Peter Thorn TD Insurance	CAFII Treasurer, Tony Pergola ScotiaLife Financial

Key Policy Positions

Choice

Consumers deserve to have choice in the supply of insurance products and services. We promote an open system for the sale and distribution of insurance to fill all consumer needs. This includes integrated financial planning from a single point of distribution. We also support the development of broadened distribution channels using alternative service delivery options such as Internet, telephone and branch sales, as a way to improve choice and access to insurance products for all Canadians.

Effective and Efficient Regulation

We will work with government to create and support an effective and efficient regulatory framework, relying on self-regulation and internal standards where appropriate. We promote a regulatory framework which encourages both an active marketplace and the protection of consumers’ interests. We support the development of effective standards regarding market conduct, which place the onus on the supplier to provide the consumer with cost-effective high quality service standards. Our members are committed to providing high quality training to our staff. We take pride in the competencies of our people and our service standards.

Plain Language

We will provide consumers with straightforward, user-friendly, plain language explanations of insurance product and service options. We will also provide leadership in consumer education. Educated and well informed consumers will be aware of the range of products and services available, and understand how to match products to their personal circumstances.

Harmonization in Regulation

We will work with industry and Government to achieve harmonization in the regulation of insurance products and services to enable the insurance industry to better serve its clients, and to remain competitive.

Membership Categories and Benefits

Regular Members

CAFII’s Regular Members are the insurance arms of Canada’s major financial institutions – BMO Insurance; CIBC Insurance; Desjardins Financial Security; RBC Insurance; ScotiaLife Financial; and TD Insurance – along with major industry players American Express, Assurant, The Canada Life Assurance Company, CUMIS Services Incorporated, Manulife (The Manufacturers Life Insurance Company) and valeyo (formerly Canadian Premier Life Insurance Company).

CAFII members offer creditor’s group, travel, life, health, and property and casualty insurance. In particular, creditor’s group insurance and travel insurance are the product lines of primary focus for CAFII members.

Each Regular Member is represented on the CAFII Board of Directors by a Director who has a single vote. Annual dues for Regular Membership vary based on the size of the member’s corporate family assets, and are payable in equal semi-annual instalments. The benefits of Regular Membership include:

a seat on the CAFII Board of Directors and voting privileges
representation on the CAFII Executive Operations Committee, which formulates policy positions for Board approval and oversees implementation of Board-approved strategy
access to monthly Regulatory Update newsletters and industry intelligence
representation by CAFII to insurance regulators and government policy-makers
complimentary access to CAFII industry receptions and networking events
networking with insurance regulators and industry leaders
access to members-only resources via CAFII website

Associates

CAFII Associates are organizations that support the role of financial institutions in insurance, consumer choice, and alternate distribution. Any organization that supports the mission and objectives of the Association can apply for Associate status.

The benefits of becoming an Associate include:

representation by CAFII to insurance regulators and government policy-makers
complimentary access to CAFII industry receptions and networking events

Associate dues are paid annually in January.