Cooperation and collaboration are recurrent themes in the most recent strategic plan published by the Canadian Council of Insurance Regulators (CCIR). In it, the association of the country’s insurance regulators, along with the Office of the Superintendent of Financial Institutions (OSFI), an associate member of the council, identify priorities, key issues and emerging trends the regulators intend to focus on.
Entitled Strategic Plan 2023-2026, the council begins with a brief history of its existence since four superintendents from western provinces met in Calgary in 1914, before elaborating on today’s themes and concerns. “Effective engagement between regulators and stakeholders remains a key commitment of CCIR,” they write.
In the strategic plan, the regulatory efforts are divided into three pillars, the first being regulatory policy, followed by cooperative supervision and regulatory collaboration. “The CCIR intends to establish an annual operational plan to communicate planned initiatives and activities while providing the capacity to respond to emerging risks and member or stakeholder priorities and feedback during the strategic plan period,” they write.
Top priorities identified include consumer protection, alignment with international standards, regulatory efficiency, cooperative supervision and an effort to strengthen regulatory outcome through collaboration and stakeholder engagement. The report goes on to identify the activities of six different standing committees before discussing key issues and emerging trends. These include technological advancement and innovation, climate change and natural catastrophes and conduct and culture. “Both industry and regulators continue to assess risk and compliance activities, ranging from a focus on regulatory efficiency and effectiveness to the embedding of fair treatment of customers principles in corporate culture and business practices,” they conclude.
