Fair Consumer Outcomes

  • GFIA - Global Federation of Insurance Associations: In addition, GFIA is concerned that the meaning of "fair treatment of consumers" may be considered different from, or in addition to, legally prescribed standards.
    • Companies may exceed those standards voluntarily, but supervisors should define "fair treatment" solely in terms of the legally established standards of insurer conduct toward consumers.
    • GFIA would also suggest that the word "fair" or "unfair" be replaced with "appropriate" or "inappropriate" throughout the paper.
  • IAIS: The terms “fair” and “unfair” are well established and understood in the ICPs. The paper must be read with this understanding in mind.  (p4)

2021 0823 - IAIS - Resolution of public consultation comments on draft Issues Paper on Insurer Culture, 23 June – 23 August 2021 - 46p

2021 - IAIS - Public Consultation on draft Issues Paper on Insurer Culture  ---  [BonkNote]

  • GUIDANCE CONDUCT OF INSURANCE BUSINESS AND FAIR TREATMENT OF CUSTOMERS, ccir-ccrra - 23p
  • IAIS - ICP 19 Conduct of Business
    • The supervisor requires that insurers and intermediaries, in their conduct of insurance business, treat customers fairly, both before a contract is entered into and through to the point at which all obligations under a contract have been satisfied. - [link]