TORONTO, June 1, 2015 /CNW/ - Four members of the Canadian Council of Insurance Regulators have signed a memorandum of understanding (MOU) that sets out the terms for cooperation and exchange of information across provincial and territorial jurisdictions simpler and more effective, announced Chair Patrick Déry today.
The remaining CCIR members are expected to join their counterparts in British Columbia, Alberta, Ontario and Quebec and sign on to this new MOU in the coming months.
"CCIR members represent every province and territory, and it's in all our interests to work more closely to ensure that we can cooperate and share information on Solvency Supervision and Market Conduct of Regulated Entities," said Patrick Déry. "As a result, today we are signing a comprehensive MOU that will formalize information sharing and address issues like risk surveillance, consistent handling of consumer complaints, commercial practices and protection of confidential information."
The CCIR signatories have agreed to share information needed to coordinate regulation of insurance companies that carry on business in more than one province of territory. The MOU also provides specific protocols for sharing of confidential information.
All provinces and territories conduct investigations into consumer complaints about insurance practices. But the MOU will also allow jurisdictions to share in broader market and risk analysis.
About the CCIR:
The Canadian Council of Insurance Regulators is a national association of insurance regulators that traces its roots back to 1914. The mandate of the CCIR is to support an efficient and effective insurance regulatory system in Canada to serve the public interest.
SOURCE Canadian Council of Insurance Regulators (CCIR)
For further information: Media Contact: Greg Dickson, (For English media - Vancouver), 604 660-3905; Sylvain Théberge, (For Francophone media - Quebec City), 514 940-2176