The Canadian Council of Insurance Regulators (CCIR) has rolled out its Strategic Plan 2017-2020, covering its plans for the next three years. CCIR represents insurance regulatory authorities and says its new plan will improve the regulation of the insurance industry as well as enhance consumer protection.
In the development of the Strategic Plan 2017-2020 was conducted with help from CCIR stakeholders and looked at trends in the insurance market to highlight priorities over the term of the term of the plan.
CCIR previously launched a strategic plan in 2016 in order to improve areas such as “travel health insurance, natural catastrophes and personal property, the regulation of segregated funds and electronic proof of automobile insurance,” a release said.
CCIR chair Patrick Déry added: "The work the CCIR has done over the last three years has had a considerable impact on the evolution of insurance regulation in Canada. We have developed the foundation for greater collaboration, cooperation and information sharing among our members and introduced stronger supervisory partnerships. The 2017-2020 strategic plan will leverage these efforts and build upon that foundation moving forward."
The Strategic Plan highlights the following guidelines:
- Cooperative supervisory activities: the CCIR is committed to developing an annual cooperative supervisory plan to conduct thematic and insurer-specific reviews across provinces and territories.
- Fair treatment of consumers: the CCIR will continue to work to ensure good outcomes from the interactions of insurers and intermediaries with their customers, focusing on disclosures and transparency, incentives management and client relationships.
- Consumer awareness and understanding of risks and coverages related to natural catastrophes: the CCIR will work to increase consumer awareness of risks related to natural disasters, insurance options and coverages that are available as well as how disaster relief programs operate across jurisdictions.
- Cooperative approach to financial services and insurance technology: the CCIR will pursue a coordinated approach in order for regulators across sectors to stay informed, work together and leverage regulatory capacity.
- Harmonization opportunities: the CCIR will continue to prioritize harmonization and will work with industry stakeholders to identify specific areas for greater consistency in approach across jurisdictions.