Five Top Insurers Agree to Broker Consent Language | Canadian Insurance

Five Top Insurers Agree to Broker Consent Language

IBAO CEO calls wording agreement 'a big win'

The Insurance Brokers Association of Ontario has announced that five of the top 10 insurers in Canada will now accept business quoted using standardized wording that moves the onus of responsibility of consent to the insurer.

The IBAO says it has been working with insurers over the past year to develop the consent language, and has sent it to their online quote providers for adoption.

IBAO CEO Randy Carroll (pictured, left) called the wording “a big win for the broker network.”

“This wording will enable our Brokers to obtain consent on behalf of the insurer in respect to a quotation that includes personal credit information including credit score, as permitted by law,” he said.

“Many brokers do not know that they are exposing themselves to risk when they collect clients’ credit information without consent,” added IBAO President Chris Floyd.

“Under the previous language, brokers were responsible for the collection and use of credit information, even though they were not the ones using it. Having this new language in place will shift the onus back to the insurer.”

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