Tanner Insurance operates under the guidance of the Registered Insurance Brokers of Ontario (RIBO) and the Canadian Insurance Services Regulatory Organizations (CISRO).
We prioritize transparency and accountability to our clients and the community by strictly adhering to the regulations and industry standards set by these authorities. Providing relevant information from our regulators is a key part of our commitment.
Regulatory Oversight:
- RIBO oversees licensing, professional standards, ethical conduct, and financial responsibilities of independent general insurance brokers in Ontario.
- CISRO ensures consistent qualifications and business practices for insurance intermediaries across Canada.
Key Regulatory Documents:
- CISRO Principles of Conduct for Insurance Intermediaries: These principles reflect common regulatory standards and outline professional behavior expectations for the fair treatment of customers.
- RIBO Fact Sheet: Provides essential facts about registered insurance brokers and insights into your rights and responsibilities during the insurance process.
- RIBO Code of Conduct Handbook: Governs the ethical standards for insurance brokers in Ontario, detailed in Regulation 991, Section 14, and summarized in the RIBO Code of Conduct Handbook.
Statement on Services Provided
Our role is to provide you with the best insurance value that combines coverage, service, and price. We also provide personalized, quality service that includes professional insurance advice, ongoing policy maintenance and claims support. When any issue arises regarding your insurance coverage, we are your advocate, using our professional experience to best represent your individual interest.
Compensation and Commissions:
We strive to secure the best insurance value for our clients, including maximum coverage, excellent service, and competitive pricing. Our compensation is integrated into your insurance premium and enables us to provide personalized service and advocate on your behalf.
Below is a list of insurers we work with and the range of compensation we receive from each:
- Aviva: 7.50% to 20.00% *
- Travelers Canada: 7.50% to 20.00% *
- Intact Insurance: 7.50% to 20.00% *
- Wawanesa Mutual Insurance: 10% to 20.00%*
- Definity Insurance Co. (Formerly Economical Mutual): 7.50% to 20.00% *
- Commonwell Mutual Insurance: 10% to 20.00% *
- Gore Mutual Insurance: 10.00% to 20.00%
- Facility (Royal): 7.50% to 20.00% **
* Insurers recognize Contingent Commission contract
**Commission Is Capped At $250
The commission percentage is paid annually for both new business and renewals. Any changes to the commission structure or other significant alterations affecting compensation will be promptly communicated to you.
Contingent (Profit) Commission
Statement will include bases for contingent commission and how they’re dependent primarily on entire book of business profit (loss ratio).
In order for us to maintain strong relationships with quality insurers, we work with each to provide the type of business they desire. The insurers with an asterisk (*) noted above recognize our efforts through a Contingent 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. Contingent Commission is not guaranteed. For detailed information on Contingent Commission, please go to the individual company’s website.
Working With Insurance Companies
Our disclosure commitments are made in the best interest of consumers. We encourage you to also consult the commitments made by the insurance industry and individual companies by consulting their websites or other available information.
For any inquiries on the above, please contact our brokerage at [email protected]