The Canadian Insurance Services Regulatory Organizations (CISRO), a forum for information sharing and collaboration between regulators responsible for licensing and registration of insurance intermediaries, has published its three-year plan, Strategic Plan 2023-2026. In it, they say CISRO will be working with the Canadian Council of Insurance Regulators (CCIR) to finalize segregated fund guidance related to the fair treatment of customers. Other stated priorities include promoting consumer protection by identifying areas that would benefit from increased regulatory consistency.

Addressing emerging issues, promoting regulatory best practices and developing guidance related to standards and expectations for the industry were also listed as priorities. “CISRO will engage with stakeholders through targeted consultations, industry working groups and stakeholder dialogue sessions. CISRO works collaboratively with the CCIR and is a represented organization at the Joint Forum of Financial Market Regulators,” they write.

In CISRO’s 2023 and 2024 operational plan, meanwhile, they say CISRO will, going forward, undertake initiatives to increase consumer awareness and understanding of key insurance topics and issues. It also says it will undertake work to formalize its governance structure.

“CISRO will continue to collaborate with CCIR on important issues that affect both insurers and intermediaries,” they state. “CISRO will also work with CCIR and key stakeholders to increase consumer awareness and understanding of the risk related to natural catastrophes and climate change, preparedness, insurance options and coverages.”