Issue link: http://clhia.uberflip.com/i/845971
Other Industry Initiatives to Improve Advisor Oversight In addition to the model outlined above, the industry is pursuing a number of initiatives to enhance advisor oversight practices under the current regulatory structure. Our intention with each of the following initiatives is to establish standard expectations of CLHIA members' advisor oversight practices through industry guidelines. Again, we believe the nature of these new standards is reflective of regulatory expectations that modern compliance programs should incorporate proactive oversight practices. 1 | Awareness Insurers should have on-going communication with advisors to inform them of regulatory requirements, the industry practices that address those requirements, and how they can adopt those practices to achieve fair outcomes for their customers. Specific initiatives that could be implemented to improve awareness include: publishing articles about disciplinary hearings and ethics, speaking on industry practices at advisor compliance conferences, developing a standard checklist of advisor compliance obligations, and asking advisors to make an annual attestation of compliance with codes of conduct. 2 | Industry-Wide Solution for Routine Compliance Monitoring Insurers should adopt an industry-wide solution as a standard oversight process to monitor advisor compliance with statutory licensing requirements. In order to fully realize the potential for effective and efficient oversight, 6