The Canadian Council of Insurance Regulators (CCIR) has plans to introduce a new requirement for insurance companies that could immensely help in the gathering of market conduct information.
Under the planned regulation, insurers will be required to file an annual statement on market conduct. On each statement, an insurer must detail its practices and policies regarding fair treatment of consumers, the CCIR explained in an announcement.
The CCIR said that it came up with the new requirement to allow its members to efficiently collect market conduct information.
“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.
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The annual statement will require insurers to file information under the following categories:
- Governance
- Premiums and Commissions
- Claims
- Policies
- Distributors
- Complaint Reporting
- Products
- Sales and Incentives Management
- Protection of Personal Information
Autorité des marches financiers (AMF) will collect and manage the statements submitted. The first annual statement is due by May 01, and will collate information from 2016.
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