What is the requirement?
As of September 1, 2022, you will be required to share with your customers the following documents:
- CISRO Principles of Conduct for Insurance Intermediaries, and,
- “About your Insurance Broker” Fact sheet.
You can find more information regarding RIBO’s guidance for the CISRO Principles document and Fact Sheet on our website or by using this link: https://www.ribo.com/cisro-conduct-guidance/
How do I know I am complying with these new requirements?
RIBO encourages RIBO licensees to distribute the new documents in ways they feel are most effective for their respective customers. These documents do not replace the general disclosure letter requirements.
Review your Customers’ Needs
You may also wish to take into consideration your customers’ needs to determine which communication method best works for them. You may use different methods of communication to inform customers of these documents, including, for example, email blasts, printed copies or online posts on your website. Combining these documents into one would be an acceptable alternative format for sharing these documents. The documents have also been translated into French for use with your French language customers.
Do I need to share these on renewal?
You would be in compliance with the new requirement if you share these documents on your website. Every customer should be provided a copy of these documents or know how to access these documents and RIBO licensees should be prepared to explain these documents and what they mean for the customer. Since this a new requirement, your existing customers could certainly benefit from being provided a copy or link to the documents directly on renewal.
The “CISRO Principles of Conduct for Insurance Intermediaries” must be clearly identified and branded as a CISRO document as it is not produced by RIBO. However, the “About your Insurance Broker” Fact sheet may be branded by your company and or reproduced in another format, so as long as, the content and wording remain unchanged.
If you have any questions or concerns about the guidance, RIBO invites you to submit your comments via email to: email@example.com