What Exactly Is the Canadian Council
of Insurance Regulators?
The Canadian Council of Insurance Regulators (CCIR) is a non-profit organization
that promotes a strong insurance regulatory system in Canada. The CCIR is made
up of regulators from the federal government of Canada as well as each province
and territory. Furthermore, the CCIR frequently collaborates with other
international regulators to improve consumer protection laws and promote
regulatory harmonization across various jurisdictions within Canada.
The CCIR has several committees and initiatives. The electronic commerce
committee, property insurance working group, travel insurance working group,
and Insurance Core Principles Implementation Committee are among them.
Recognizing CCIR
The CCIR was founded in 1914. At the time, insurance superintendents from
British Columbia, Alberta, Saskatchewan, and Manitoba met with the goal of
developing a uniform set of regulations to guide the Canadian insurance
industry. Ontario became a member of the organization in 1917. The group was
known at the time as the Association of Provincial Superintendents of Insurance
of the Dominion of Canada.
Over time, the organization changed its name several times and expanded
to include all of Canada's provinces and territories. By 1989, the organization
had adopted the name and structure that it still uses today.
Individual complaints about insurance professionals or companies are not
handled by the CCIR. Rather, it directs those who have a complaint to first
contact their financial services provider. If the financial institution fails
to hear or resolve the complaint, the CCIR advises individuals to contact the
General Insurance OmbudService.
Core Principles are being updated.
The International Association of Insurance Supervisors (IAIS) adopted a
new set of core principles for prudential and market conduct regulation in the
insurance industry in 2011. This set of regulations was enacted in response to
the 2008 financial crisis. Following the crisis, the public and many
policymakers around the world lost faith in
the insurance business These new principles will serve as a globally
accepted set of regulations to help restore industry trust.
In 2011, the CCIR established the Insurance Core Principles (ICP)
Implementation Committee in response to these new principles. This CCIR
committee collaborates with regulators to ensure that Canada's insurance
industry adheres to the newly adopted international core principles. These
principles concern the fair treatment of insurance customers as well as
industry transparency.
Author:
RabnawazToor
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