Members of the Canadian Council of Insurance Regulators (CCIR) will introduce a new requirement for insurance companies to file an annual statement on market conduct. Through this statement, insurers must file information detailing their governance, practices and policies regarding fair treatment of consumers, explained the CCIR in a recent announcement.
The CCIR, an association made up of Canada’s insurance regulators, developed the new statement to enable its members to take a harmonized approach to collecting market conduct information. “The Annual Statement will be the first collaborative effort to collect market conduct intelligence and reduce the need for insurers to file multiple requests for similar information from each province and territory,” explains the announcement.
Several information categories
The annual statement will require insurers to file information under these categories: governance, premiums and commissions, claims, policies, distributors, complaint reporting, products, sales and incentives management and protection of personal information.
Quebec regulator, the Autorité des marches financiers (AMF), will collect and manage the data for the CCIR. The first annual statement, due by May 1, 2017, will collect 2016 information. More information is available here.