12 March, 2019 09:30
The canadian Council of regulators of insurance (CCIR), through its working Group on the fintechs, will conduct a consultation on the autonomous vehicles by 2020, said the organization in a press release revealing the subjects on which it will focus over the next two years.
“The arrival on our roads of vehicles that are autonomous, semi-autonomous, and even connected to a strong risk of disrupting the auto insurance sector. The automation of the vehicles raises a host of issues and risks. In response to this new reality, Canada should study the possibility of legislative amendments, including the various laws related to the car insurance, as well as the concept of responsibility “, sets out to the CCIR in a press release.
The group will focus on autonomous vehicles have the objective of determining the current limits of the laws on autonomous vehicles and insurance, ” which will also help to identify the needs of the regulatory future, and to know the stakeholders who need to participate in the process “. He will also be responsible to track the evolution of the use of autonomous vehicles, as well as the different approaches or different business models.
Platform of council regulation
In addition, focus on the autonomous vehicles, the working Group on the fintechs CCIR intends to put in place a platform of council of the CCIR on the fintechs and technologies in insurance. It “will serve as the portal to stakeholders who wish to obtain clarifications on the requirements to exercise activities or provide services or products insurance innovative in one or several territories,” says the organization.
“Through this platform, the new entities fintechs or assurtechs, and the entities already established (insurers and distributors) who are developing or intend to develop products and services that may have an impact on the insurance industry will receive advice and guidance on the regulatory requirements and licensing requirements in force in the country. “
The CCIR specifies that the platform will not be pre-market evaluation. Rather, it aims to ” foster the emergence of innovative products and services in the regulatory environment and current legal “.
A common access point
The organization states the mission of the platform under a number of aspects :
- “Increase the visibility of the insurance sector regulated by entities in Fintechs and other that wish to develop innovative products and services ;
- Serve as a common access point for all the territories, particularly those having no separate program in Fintechs, and to simplify the access of entities in fintechs and other all regulatory agencies ;
- Serve as a resource to entry for entities seeking to obtain clarification and guidance with respect to the insurance sector and its regulation, before launching products or services in a particular territory. “
The working group would like to establish the platform in the fall of 2019.