22 August 2017 07:00
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Article 10 of the Code of conduct of representatives in insurance of damages of the Chamber of damage insurance
The representative in damage insurance shall avoid placing themselves, directly or indirectly, in a situation where it would be in a conflict of interest. Without limiting the generality of the foregoing, the representative is in a conflict of interest :
1° when the opposing interests are such that he may be brought to prefer some of them to those of his client or his judgment and loyalty towards the latter may be unfavourably affected ;
2° when he gets a personal benefit, direct or indirect, present or prospective, for a given act.
Article 19 of the Code of conduct of representatives in insurance of damages of the Chamber of damage insurance
The representative in damage insurance must at all times place the interests of the insured and those of any potential client before his own or those of any other person or institution.
Article 6 of the Act respecting the distribution of financial products and services (distribution ACT)
The insurance broker is the person who directly offers to the public a choice of various property and casualty insurance products of several insurers, or who offers a firm, an independent representative or an independent partnership of property and casualty insurance products of one or more insurers. It also acts as an advisor, damage insurance.
Article 38 of the Act respecting the distribution of financial products and services (distribution ACT)
An insurance broker that offers insurance products directly to the public must submit to the client a choice of products of several insurers.
Definition of impartiality of the Chamber of damage insurance
The insurance broker works at a brokerage firm that offers various property and casualty insurance products from some insurers. He will be soliciting bids among its network of insurers and provide the one that best meets the needs of the insured.
Article 2138 C. c. Q., subsection 2 of the civil Code of Québec
He [The representative] must also act with honesty and loyalty and in the best interests of the mandator, and avoid placing themselves in a situation of conflict between his personal interest and that of his principal.