What Is the Canadian Council Of Insurance Regulators?
The Canadian Council of Insurance Regulators (CCIR) is an association that advocates for an effective insurance regulatory system in Canada. The CCIR represents regulators from the Canadian federal government, as well as each province and territory. Additionally, the CCIR frequently works with other international regulators to improve consumer protection laws and to promote harmonization of regulations across various jurisdictions within Canada.
The CCIR operates a number of committees and initiatives. These include the electronic commerce committee, the property insurance working group, the travel insurance working group and the Insurance Core Principles Implementation Committee.
The CCIR formed in 1914. At that time, the superintendents of insurance from British Colombia, Alberta, Saskatchewan and Manitoba met with the goal of creating a uniform set of regulations to guide the insurance industry in Canada. Ontario joined the association in 1917. At that time, the group was called the Association of Provincial Superintendents of Insurance of the Dominion of Canada.
Over time, the group changed its name more than once and grew to include all of Canada’s provinces and territories. By 1989, the association had taken the name and form that it still maintains today.
The CCIR does not handle individual complaints regarding insurance professionals or companies. Rather, it instructs those with complaints to first approach their financial services provider. If the financial firm fails to hear or resolve the complaint, the CCIR then recommends that individuals contact the General Insurance OmbudService.
Updating Core Principles
In 2011, the International Association of Insurance Supervisors (IAIS) implemented a new set of core principles for prudential and market conduct regulation within the insurance industry. This particular set of regulations came about as a response to the financial crisis of 2008. In the wake of this crisis, the public and many policymakers around the globe lost confidence in the insurance industry. These new principles serve as a globally accepted set of regulations to help restore faith in the industry.
In response to these new principles, the CCIR formed the Insurance Core Principles (ICP) Implementation Committee in 2011. This committee within the CCIR works with regulators to ensure that Canada’s insurance industry operates according to the newly adopted international core principles. These principles concern the fair treatment of insurance customers and transparency within the industry.
New ICP were adopted in November 2019.