Members of the Canadian Council of Insurance Regulators (CCIR) plan to work more closely in their efforts to supervise and share information about insurance companies and advisors.
The CCIR outlined its plans for greater collaboration and information in its Framework for Cooperative Market Conduct Supervision in Canada, which was released last week. The regulators describe their approach as “robust and effective” but say it “does not impose an undue burden on market participants”.
At the heart of this framework are three Insurance Core Principles (ICPs) that were adopted by the International Association of Insurance Supervisors in 2011: ICP 18 outlines conduct requirements for intermediaries to ensure that they are doing business in a professional and transparent manner, ICP 19 sets out consumer protection and conduct of business standards, and ICP 25 explains how regulators should cooperate and coordinate their efforts with supervisors in other jurisdictions.
Andrew Rickard – INSURANCE & INVESTMENT JOURNAL – DEC. 1, 2015.