By: Luke Jones, Published on February 22, 2017 03:22 PM, Last Update on February 28, 2017 01:46 PM
In an announcement yesterday, the Canadian Council of Insurance Regulators (CCIR) says it is developing plans to introduce a new requirement that will mean insurance companies will be able to better gather market conduct data.
The regulation would mean insurance providers in Canada are mandated to file an annual report on market conduct. This yearly statement would show how the company complies with market conduct regulations. The company will need to detail its practices and policies in terms of giving consumers fair treatment.
In a press release, the CCIR says the new requirement lets members effectively gather market conduct data:
“The Annual Statement will be the first collaborative effort to collect market conduct intelligence and reduce the need for insurers to file multiple requests for similar information from each province and territory,” the association said in a statement.
The annual statement will require insurers to file information under the following categories:
Autorité des marches financiers (AMF) will collect and manage the statements submitted. The first annual statement is scheduled to be released by May 01.
Pink Slip Changes
In December, the CCIR said its plans to introduce electronic pink slips for auto insurance are now in motion. The group announced plans to approve the introducing of an electronic option for auto insurance proof. Wasting little time, the regulatory body says the new system can be implemented as soon as during the first half of 2017.
CCIR has not expanded the details of the roll out, but reports suggest drivers will be able to show their insurance cards on a smartphone screen.