The Canadian Council of Insurance Regulators (CCIR) is developing guidance that will set out regulators’ expectations relating to the conduct of insurance business and fair treatment of customers by both insurers and intermediaries, the association of regulators announced Monday.
The industry guidance will align with the Insurance Core Principles (ICPs) — the international standards for insurance regulation developed by the International Association of Insurance Supervisors, as updated in November 2017, CCIR says in a news release.
“The development of this new guidance is consistent with our strategic priorities as stated in our 2017-2020 strategic plan — building upon co-operative supervision to enhance consumer protection, work collaboratively with regulatory partners and partner with industry stakeholders to increase regulatory and supervisory harmonization,” says Patrick Déry, CCIR chairman, in a statement.
CCIR anticipates working in partnership with the Canadian Insurance Services Regulatory Organizations to develop the draft guidance, which it expects to release for consultation during the second quarter of 2018.