CAILBA Conflict of Interest Survey
Sales incentive and contests have been part of the insurance industry for decades. Effectively managing conflicts of interest involving incentives continues to be a concern for the industry. The CCIR’s Fair Treatment of Consumer’s Working Group (FTCWG) is currently exploring options for further mitigating the conflicts generated by incentive programs that offer high value travel trips.
As part of this review the Working Group is considering whether insurance regulators should establish a formal position on travel incentives which is similar to the standards the securities industry has already announced. The FTCWG is seeking feedback from stakeholders on the scope of any future guidance and direction related to travel incentives.
On July 30, 2020 CAILBA sent a Conflict of Interest Survey to all MGA Members. The response was remarkable with 63% response rate. CAILBA will be responding to CCIR’s FTCWG on our findings.
CAILBA’s Board of Directors wish to thank everyone who participated.
Your input was valuable.