The Canadian Council of Insurance Regulators (CCIR) announced Feb. 12 that it is developing guidance for the insurance industry that will set out regulators' expectations on insurance business conduct and fair treatment of customers. These guidelines will be for both insurers and intermediaries.
The CCIR says it anticipates that it will work in partnership with the Canadian Insurance Services Regulatory Organizations (CISRO) to develop the draft guidance. It expects to release this guidance for public consultation during the second quarter of 2018.
The CCIR says the guidance will align with the Insurance Core Principles (ICPs) – the international standards for insurance regulation (updated in November 2017).
"The development of this new guidance is consistent with our strategic priorities as stated in our 2017-2020 Strategic Plan – building upon cooperative supervision to enhance consumer protection, work collaboratively with regulatory partners and partner with industry stakeholders to increase regulatory and supervisory harmonization," said Patrick Déry, Chair of CCIR.