L&H insurers devise disclosure code

Life and health insurers are following in the footsteps of their general insurance counterparts, announcing a plan for public disclosure of intermediary relationships and incentives from insurers. “”Not only in North America but around the world, developments in the financial services industry make it clear that customer information and transparency are fundamental to that trust and confidence,” says Greg Traversy, president of the Canadian Life & Health Insurance Association (CLHIA). Among the steps in the plan are better disclosure on websites (including the company’s code of ethics), new standards for product information, and a review of sales compensation practices.