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Managing Conflicts of Interest

The Canadian Council of Insurance Regulators (CCIR), an inter-jurisdictional association of regulators of insurance, endorses three principles as best practices in managing conflicts of interest. The principles promote consumer confidence in the insurance industry by outlining best practices for managing these situations when they arise. The principles are:

  1. Priority of the client’s interest, i.e. brokers/agents must put the interests of policyholders and purchasers ahead of their own;
  2. Disclosure of conflicts or potential conflicts of interest, i.e. consumers must receive disclosure of any actual or potential conflict of interest that is associated with a transaction or recommendation, and
  3. Product suitability, i.e. products recommended must meet the needs of the consumer.


Temple Insurance Company supports these principles.

Temple Insurance Company’s relationship with insurance intermediaries
Temple Insurance Company (Temple) conducts the majority of its business through Managing General Agents (MGAs). An MGA is an underwriting manager that has been given the authority, by an insurer such as Temple, to review, quote and bind coverage and service policies on behalf of the insurance company.

We pay commission fees to these MGAs in exchange for the business they conduct on our behalf. The commission fees we pay to these MGAs are inclusive of the compensation that the MGAs pay to the brokers who place Temple policies.

Brokers are required to disclose their commission earnings that they receive by selling a policy, if a client requests such information. Please contact your broker directly for details.

Temple has no financial interest or ownership in any MGA intermediary or broker.


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This publication is available exclusively to Munich Re clients. Please contact your Client Manager.