Canopy Insurance Services operates under the guidance of the Registered Insurance Brokers of Ontario (RIBO) and the Canadian Insurance Services Regulatory Organizations (CISRO). As part of our commitment to prioritize transparency, promote the fair treatment of our customers and equip them to make informed decisions, we strictly adhere to the regulations and standards set by these authorities.
RIBO regulates the licensing, professional standards, ethical conduct and insurance related financial obligations of all independent general insurance brokers in Ontario, while CISRO ensures consistent qualifications and conduct of business standards for insurance intermediaries.
The following documents are intended to help customers understand their broker’s obligations and foster mutual trust.
Broker compensation is part of your insurance premium and is paid annually for both new business and renewals. For your reference, we have outlined the insurers we work with and the compensation we receive for each. This includes both personal lines and commercial lines business placed through our office. Should there be a change in the commission structure or any other material change that affects compensation arrangements, we will notify you.
For us to maintain strong relationships with quality insurers, we work with each to provide the type of business they desire. The Insurers noted above with an asterisk (*) recognize our efforts through a Contingent (Profit) Commission contract. Payment of this Contingent Commission may depend on a combination of growth, profitability (loss ratio), volume, retention and increased services that we provide on behalf of the Insurer. It is based on our entire portfolio with that company and not on individual policies. Contingent Commission is not guaranteed. For detailed information on Contingent Commission, please refer to the individual company’s website.
© Canopy Insurance, 2024
