TORONTO, Nov. 27, 2015 /CNW/ - The Canadian Council of Insurance Regulators (CCIR) has published the Framework for Cooperative Market Conduct Supervision in Canada (Cooperative Framework) to provide greater clarity regarding its members' commitment to increased information sharing and supervisory collaboration. Earlier this year, CCIR members—the provincial and territorial regulators of insurance—committed to working in close cooperation in the oversight of insurance companies that are active in more than one province. The Cooperative Framework provides an overview of the process and practices that will characterize the heightened cooperation.
"The Cooperative Framework clarifies how the members of the CCIR will work together on market conduct issues across provinces and territories," noted CCIR Chair Patrick Déry. "It describes the kind of information we will share with each other and how that information will be used by the regulators and CCIR collectively."
The Cooperative Framework also outlines the processes for how the CCIR members will develop annual cooperative supervisory plans, collect market conduct intelligence data, conduct thematic and entity-specific reviews together as well as assess the risks in the insurance market across the provinces and territories and plan and coordinate regulatory responses.
The increased information sharing and collaboration is part of the evolution of consumer protection and the regulation of the insurance industry. The collaborative approach outlined in the Cooperative Framework is expected to result in improved use of supervisory resources, better identification of market conduct issues and more proactive regulatory responses. "The collaborative approach to planning, market analysis, and entity specific supervision and thematic reviews will not only improve consumer protection, but align the regulatory model in Canada with international standards and best practices," Mr. Déry added.
The Canadian Council of Insurance Regulators (CCIR) is a national association of insurance regulators that traces its roots back to 1914. Its mandate is to support an efficient and effective insurance regulatory system in Canada to serve the public interest.
SOURCE Canadian Council of Insurance Regulators (CCIR)
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