Insurance regulators plot a course for the summerBy Andrew Rickard | May 02 2016 11:32AM
The Canadian Council of Insurance Regulators (CCIR) have released their spring newsletter. It reveals that they are considering their approach to market conduct, segregated funds, and travel insurance.
The regulators met in Montreal earlier this month and say that the gathering "paved the way for progress on a variety of initiatives" that they plan to address this spring and summer.
Market conduct statement
Among other things, the CCIR says it has been working on its annual market conduct statement. Regulators consulted with representatives from the industry in efforts to create a harmonized annual information return that can be used across all member jurisdictions. "The CCIR has targeted as early as the first quarter of 2017 to begin collecting information from insurers related to market conduct and the fair treatment of consumers," reads the report.
Segregated funds on the radar
Segregated funds are also on the radar, and the CCIR says its working group on the subject has finalized an issues paper to address differences in the regulatory frameworks for segregated funds and mutual funds. The paper will be published next month and look at the "potential for further harmonization" and also consider the way that regulations affect consumer protection and choice. Once the paper has been published, there will be a consultation period of 60 days.
CCIR's travel insurance working group expects to publish its own issues paper in June which will outline its understanding of the industry and “initiate discussions on concerns that have been identified”. This paper will be followed by a 90-day consultation period.