The Canadian Council of Insurance Regulators (CCIR) has published its strategic plan for the years 2017 to 2020.
In this new strategic plan, released June 27, the CCIR says it will develop an annual cooperative supervisory plan to conduct thematic and insurer-specific reviews across provinces and territories.
Disclosures and transparency
In addition, when it comes to consumers, the CCIR says it will work to “ensure good outcomes from the interactions of insurers and intermediaries with their customers, focussing on disclosures and transparency, incentives management and client relationships.” It also aims to increase consumer awareness of risks related to natural disasters, insurance options and coverages that are available as well as how disaster relief programs work across jurisdictions.
The CCIR says it will pursue a coordinated approach for regulators across sectors to stay informed, work together and leverage regulatory capacity. The CCIR also says it will harmonize and work with industry stakeholders to identify specific areas for greater consistency in approach across jurisdictions.
To determine its strategic priorities, the CCIR consulted stakeholders and took into account the current insurance environment. “The work the CCIR has done over the last three years has had a considerable impact on the evolution of insurance regulation in Canada,” says Patrick Déry, chair of the CCIR. “We have developed the foundation for greater collaboration, cooperation and information sharing among our members and introduced stronger supervisory partnerships. The 2017-2020 strategic plan will leverage these efforts and build upon that foundation moving forward.”