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Managing Conflicts of Interest
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 business situations when they arise. The principles are:
- The client’s interests come first: Distributors must put the interests of policyholders and purchasers ahead of their own.
- Make clear any conflicts or potential conflicts of interest: Consumers must receive disclosure of any actual or potential conflict or interest that is associated with a transaction or recommendation; and
- Ensure products are that right fit: Products recommended must meet the needs of the consumer.
West Elgin Mutual Insurance Company supports these principles. If you feel that our representatives are not following them, please let us know.
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