The Canadian Council of Insurance Regulators (CCIR) and the Canadian Insurance Services Regulatory Organizations (CISRO) have released joint guidance setting out their “overarching expectations” for how insurers and intermediaries conduct business and ensure the fair treatment of customers.
The new principles-based guidance, issued Sept. 27, follows draft guidance released in May. It was modelled after international standards for insurance regulation developed by the International Association of Insurance Supervisors, while reflecting the specifics the Canadian market, say the regulators. “As each jurisdiction in Canada has its own regulatory approach for the conduct of business, based on its unique culture, traditions and legal regime, CCIR and CISRO have consulted with other regulatory partners and industry stakeholders to increase regulatory and supervisory harmonization while enhancing consumer protection.”
Principles should be engrained into daily practices
"Our mandate as insurance regulators is to ensure that all market participants have a focus on treating customers fairly. This guidance document outlines the key principles that we expect those market participants to engrain into their daily practices," said Ron Fullan, Chair, CISRO.
To learn more, consult the guidance on the CCIR’s website.