A new database will allow the public and insurance industry participants to access the names of people and firms disciplined by the various regulators in Canada.
The Canadian Insurance Regulators Disciplinary Actions (CIRDA) database includes public actions taken since 2008 by insurance regulators against insurance companies, insurance intermediaries and individuals licensed to sell insurance products.
“We are very pleased to offer the public this significant improvement in search capabilities,” said Ron Fullan, chairperson of the Canadian Insurance Services Regulatory Organization (CISRO) and executive director of the Insurance Councils of Saskatchewan in a statement to reporters. “Further, by eliminating the need to search across multiple databases to obtain regulatory decisions, each provincial insurance regulator will have improved access to timely information that may enable them to make better decisions about their own registrants and applicants.”
The project is a joint initiative of the CISRO and the Canadian Council of Insurance Regulators (CCIR).
Disciplinary actions in the new database will be presented in the same format as they currently appear on individual regulatory websites, the CCIR notes.
“We expect the CIRDA database to be a great assistance to consumers, industry members and regulators alike to find information about insurance agents and brokers,” said Carolyn Rogers, chair of CCIR. “CCIR is very pleased to have played an integral part in this project. CIRDA is the result of members of CCIR and CISRO working together for everyone’s benefit, and I want to thank everyone who has been involved.” (continued.)
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Some regulators already publish disciplinary actions on their websites, although others have only recently gained the legislative authority to do so, and others have no authority, the CCIR also notes.
According to the CCIR, it is best to check out the local jurisdictions as part of your due diligence.
“The process followed for publishing decisions varies by jurisdiction, and it is a best practice to check with the local jurisdiction as part of your due diligence in researching an insurance company or an insurance broker/agent,” it recommends, adding that further information on the new database can be sought by contacting the issuing regulator.
RSS subscriptions to the new database will be available free of charge and will provide near real-time notification of new disciplinary actions as they are posted by participating insurance regulators.
