June 28, 2017 by Canadian Underwriter
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:
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.