Looking for clarity on insurance regulations? Try this new hub…
May 14, 2019 by Adam Malik
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The Canadian Council of Insurance Regulators (CCIR) will be launching a new access point this fall to help insurance providers understand licencing and regulatory regimes across Canada.
The launch of the Fintech Advisory Hub was met with enthusiasm from the Centre for Study of Insurance Operations (CSIO), which said the initiative will lead to an approach that is more open and transparent when it comes to licencing for businesses, services and products.
“CSIO has seen an increasing number of insurtechs enter the P&C insurance space, leveraging CSIO data standards to create innovative and connected systems for the benefit of the end consumer,” said Catherine Smola, president and CEO at CSIO. “The CCIR Fintech Advisory Hub will undoubtedly assist these CSIO members to better understand the regulatory and licensing requirements in the P&C industry.”
The purpose of the hub is to:
- provide an easy and common access point for fintechs and other groups to all jurisdictions
- boost awareness of regulations for insurance businesses
- create a go-to resource for organizations to get clarification and direction about regulations in the insurance industry before setting up shop in a particular area.
The hub will help create connections between businesses and provincial regulators that oversee approvals and licencing. Insurance providers can find one-window access to information about regulations and licencing requirements for new products across multiple jurisdictions.
CSIO’s board met with CCIR reps to share their vision of the hub before the announcement was made. CSIO membership includes property and casualty insurers and more than 38,000 brokers.
“Discussions with key stakeholders like the CSIO Board of Directors are very valuable, and we expect ongoing communications to benefit both of our organizations,” said Hélène Samson, chairwoman of the CCIR Fintech Working Group, and director of prudential oversight of financial institutions at the Autorité des marchés financiers.
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What are you doing to extend this information to the public so that they know what their rights are and how to involve the regulators when they have been wronged? Public awareness must also be a key element to this strategy.