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8 of 20 If an insurer owns shares directly or indirectly in a member, Ontario Regulation 991 states that the member, when placing business on behalf of a member of the public with that insurer, must disclose the fact in writing. This does NOT apply when: Only part of the risk is placed with that particular insurer with the other insurers covering the balance of the risk. The insured under the contract of insurance also holds shares in the same insurer. The insurer is only a silent or passive investor and takes no active part in the direction of the affairs of the member. There can be no perceived influence by that insurer over the broker's "indanendent" decision making

8 of 20 If an insurer owns shares directly or indirectly in a member, Ontario Regulation 991 states that the member, when placing business on behalf of a member of the public with that insurer, must disclose the fact in writing. This does NOT apply when: Only part of the risk is placed with that particular insurer with the other insurers covering the balance of the risk. The insured under the contract of insurance also holds shares in the same insurer. The insurer is only a silent or passive investor and takes no active part in the direction of the affairs of the member. There can be no perceived influence by that insurer over the broker's "indanendent" decision making

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8 of 20 If an insurer owns shares directly or indirectly in a member, Ontario Regulation 991 states that the member, when placing business on behalf of a member of the public with that insurer, must disclose the fact in writing. This does NOT apply when: Only part of the risk is placed with that particular insurer with the other insurers covering the balance of the risk. The insured under the contract of insurance also holds shares in the same insurer. The insurer is only a silent or passive investor and takes no active part in the direction of the affairs of the member. There can be no perceived influence by that insurer over the broker's "indanendent" decision making
Transcribed Image Text:8 of 20 If an insurer owns shares directly or indirectly in a member, Ontario Regulation 991 states that the member, when placing business on behalf of a member of the public with that insurer, must disclose the fact in writing. This does NOT apply when: Only part of the risk is placed with that particular insurer with the other insurers covering the balance of the risk. The insured under the contract of insurance also holds shares in the same insurer. The insurer is only a silent or passive investor and takes no active part in the direction of the affairs of the member. There can be no perceived influence by that insurer over the broker's "indanendent" decision making
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Step 1: Define an insurer

An insurer, often known as an insurance firm or carrier, is a financial entity or organization that offers insurance coverage to individuals or businesses in exchange for premium payments. Life insurance, health insurance, property and casualty insurance (including auto and home insurance), and many more forms of insurance plans are available from insurers. An insurer's principal duty is to manage and spread the risks associated with unforeseen catastrophes or losses. Policyholders pay the insurer premiums in exchange for financial protection or reimbursement in the event of covered losses, damages, or liabilities.

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