Insurance regulators from Nova Scotia and Prince Edward Island have signed on to a Canadian Council of Insurance Regulators (CCIR) memorandum of understanding (MOU) that will enable them to share industry conduct information with four other provinces.
British Columbia, Alberta, Ontario, and Quebec first signed a MOU on June 1 that allows them to exchange the information they require in order to regulate insurance companies that carry on business in more than one province or territory. On July 9, Nova Scotia and Prince Edward Island also signed on.
“We now have six provinces on board and other jurisdictions are expected to join in the coming months,” says Patrick Déry, who is chairman of the CCIR and Superintendent, Solvency at the Autorité des marchés financiers. “This initiative will ensure that we can more easily and effectively cooperate and share information on solvency supervision and market conduct of regulated entities across Canada, which will also benefit the industry and consumers."