The Canadian Council of Insurance Regulators (CCIR) has published its Strategic Plan 2017-2020.
The body of insurance regulatory authorities hopes to improve the regulation and supervision of insurance and find better ways to protect consumer interests.
To develop the plan, the CCIR took input from stakeholders and looked at trends in the insurance environment to determine strategic priorities and initiatives for the next three years.
Last year’s strategic plan helped the council make “significant strides” in a number of areas, including “travel health insurance, natural catastrophes and personal property, the regulation of segregated funds and electronic proof of automobile insurance,” a release said.
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CCIR chair Patrick Déry said: "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 will act as a guideline for the following CCIR focus points:
- 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.
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