All but 10 Canadian insurance companies filed their Annual Statement of Market Conduct by the May 1 deadline, an increase of 10 per cent in the compliance rate compared to previous filings, according to the Canadian Council of Insurance Regulators (CCIR).
A spokesman for the CCIR said the 10 insurers that filed late received either a letter of education or a letter of warning. Five insurers that filed late for the first time received letters of education informing them that failure to submit the Annual Statement on Market Conduct by the deadline in the future may subject them to regulatory action.
Some insurers received warning letters
The remaining five insurers had a second contravention and received letters of warning reminding them that an annual statement that is late or not filed may be subject to further, unspecified regulatory action.
About 315 insurers were required to complete the Annual Statement on Market Conduct and provide information on their governance, policies and processes regarding the fair treatment of consumers. Some of the questions asked to the insurers dealt with providing an overview of the development and enforcement of policies and practices related to fair treatment of consumers, whether there was a documented code on this subject at the company and whether they have advertising aimed at consumers.