The Canadian Council of Insurance Regulators (CCIR) has announced the appointment of Patrick Déry as chair of its executive committee.
Huston Loke (Ontario), Janette Seibel (Saskatchewan), Scott Moore (Manitoba) and Jennifer Sutherland Green (New Brunswick) have been appointed vice chairs.
Déry has served as the Superintendent of Financial Institutions at the Autorité des marchés financiers (AMF) in Quebec since February 2013. He is also a member of the Executive Council of the International Association of Deposit Insurers (IADI), having returned to the position in September 2023 after previously holding it from 2016 to 2022. Additionally, Déry has chaired IADI's North America Regional Committee since 2020.
This marks Déry’s return to the role of CCIR Chair, a position he previously held from 2015 to 2020. In his statement, Déry emphasized the importance of collaboration within the CCIR, particularly in addressing the challenges posed by economic uncertainty for Canadians.
"The work we do together remains essential for enhancing consumer protection, ensuring effective supervision, and engaging with key stakeholders," said Déry.
The CCIR is responsible for coordinating the efforts of insurance regulators across Canada, with a focus on improving industry stability, regulatory efficiency, and consumer protection.
Separately, the CCIR, alongside the Canadian Insurance Services Regulatory Organizations (CISRO), has introduced a proposal for new guidance on segregated funds. The new standards aim to clarify the expectations for insurers and intermediaries on the design, sale, and servicing of individual variable insurance contracts (IVICs).
The proposal addresses areas such as client and product knowledge, sales charge management, and disclosure requirements, with a consultation period open until April 8, 2025.
Additionally, the CCIR has released its 2023 Annual Statement on Market Conduct, which provides an overview of trends in the life and health and property and casualty sectors. The report highlights an increase in complaints related to claims and settlements and calls for enhanced practices regarding Fair Treatment of Customers within the insurance industry.
