Canadian Council of Insurance Regulators releases 2017-2020 strategic plan

The Canadian Council of Insurance Regulators (CCIR) has published its strategic plan for 2017-2020, which focuses its efforts on cooperative supervisory activities, fair treatment of consumers, risks and coverages related to nat cats, and a cooperative approach to financial services and insurance technology.

In developing its plan, released on Tuesday, the CCIR considered input from stakeholders as well as the current insurance environment in determining the strategic priorities and initiatives for the coming three years, the council explained in a statement.

Through the previous three-year strategic plan, the CCIR made “significant strides in assessing pertinent issues and advancing the consumer’s interests in a number of areas, including travel health insurance, natural catastrophes and personal property, the regulation of segregated funds and electronic proof of automobile insurance,” the statement noted.

“The work the CCIR has done over the last three years has had a considerable impact on the evolution of insurance regulation in Canada,” Patrick Déry, chair of the CCIR, suggested. “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.”

For the 2017-2020 strategic plan, the council will focus its efforts on:

• Cooperative supervisory activities – the CCIR is committed to developing an annual cooperative supervisory plan to conduct thematic and insurer-specific reviews across provinces and territories;
• Fair treatment of consumers – the CCIR will continue to work to ensure good outcomes from the interactions of insurers and intermediaries with their customers, focusing on disclosures and transparency, incentives management and client relationships;
• Consumer awareness and understanding of risks and coverages related to natural catastrophes – the CCIR will work to increase consumer awareness of risks related to natural disasters, insurance options and coverages that are available as well as how disaster relief programs operate across jurisdictions;
• Cooperative approach to financial services and insurance technology – the CCIR will pursue a coordinated approach in order for regulators across sectors to stay informed, work together and leverage regulatory capacity; and
• Harmonization opportunities – the CCIR will continue to prioritize harmonization and will work with industry stakeholders to identify specific areas for greater consistency in approach across jurisdictions.

The CCIR is a national association of insurance regulators that traces its roots back to 1914. Its mandate is to enhance insurance supervision and regulation to serve the public interest and to foster increased cooperative supervision and information sharing among regulatory authorities.