Insurance regulations brewingBy Andrew Rickard | March 08 2016 11:39AM
The Canadian Council of Insurance Regulators (CCIR) is working on a number of initiatives, including an annual market conduct statement, a survey on travel insurance, and an issues paper on segregated funds.
The CCIR has released its Winter communiqué, and among other things it reveals that regulators are working on developing a single, harmonized annual information return on market conduct that insurers can use across CCIR member jurisdictions. Regulators say they are currently consulting with industry representatives and hope to start using the harmonized return by January 2017.
Canada’s insurance regulators are also reviewing the information they collected in the survey of travel insurance providers they conducted last year. The CCIR's Travel Insurance Working Group expects to publish a paper providing an overview of the national travel health insurance market sometime this spring.
Finally, the CCIR says that its Segregated Funds Working Group is developing an issues paper on the regulation of segregated funds. "The paper will address differences in the regulatory frameworks for segregated funds and mutual funds, potential for further harmonization, and consider the impact the regulatory framework has on consumer protection and consumer choice," reads the communique.
The CCIR says that regulators will next convene in Montreal on April 7 and 8.