CSIO eSlip solution passes regulatory hurdlesBy The IJ Staff | September 30 2019 01:55PM
The Centre for Study of Insurance Operations (CSIO) has announced that the industry solution, My Proof of Insurance, satisfies the regulatory requirements set out by provinces that have approved the use of electronic proof of insurance (eSlips).
The solution allows personal and commercial lines consumers to receive their policy documents and eSlips by email.
“CSIO has participated in many meetings with insurance regulators and other stakeholders to continue to advance regulatory approvals of electronic proof of auto insurance,” stated the organization. “In January 2018, Nova Scotia became the first province to approve the use of eSlips in Canada. Soon after, the Canadian Council of Insurance Regulators published a recommendation in its Winter Communique that eSlips should be made available in jurisdictions across Canada.”
CSIO says the solution meets all of the requirements set out by insurance regulators in Nova Scotia, Alberta, Ontario, Newfoundland and Labrador where regulators have approved the use of eSlips.
“Insurance providers that do business in these provinces can be confident using My Proof of Insurance to provide eSips and other electronic policy documents for both personal auto and commercial fleet accounts,” says Catherine Smola, CSIO’s president and CEO. “This industry solution was developed in collaboration with insurers, brokers, and with the endorsement of provincial broker associations. My Proof of Insurance is ready to meet the needs of insurance customers across Canada.”