September 28, 2018 11:30
Photo : Freepik
The canadian Council of regulators of insurance (CCIR) and the canadian regulatory Agencies in insurance (OCRA) have published their joint guidelines setting the “overall expectations” regarding the manner in which insurers and intermediaries conduct their activities, and ensure the fair treatment of customers.
The new directive is based on principles, published on 27 September, following the interim guidelines published in may. The regulators argue that international standards of regulation of insurance developed by theinternational Association of insurance supervisors reflect the specificities of the canadian market.
Integrate the principles to everyday practice
“As each canadian jurisdiction has its own regulatory approach in the area of conduct of business, which is based on its culture, its traditions and its legal regime unique to the CCIR and the OCRA have consulted with other partners in the regulatory and industry stakeholders to increase harmonization regulatory and supervision while enhancing the protection of consumers. “
“Our mandate as regulators of insurance is to ensure that all players in the market focus on the fair treatment of customers. This document describes the key principles that market players should integrate into their daily practices, ” said Ron Fullan, chair of CCIR.