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Fall 2002 Meeting Highlights
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LLQP |
Regulators resolved to continue to work with industry
associations towards a harmonized implementation of the Life
License Qualification Program (LLQP). Generally, industry
associations have indicated support for a target
implementation date of January 1, 2003 provided certain
implementation issues are addressed. Regulators will
continue to keep industry associations apprised of
developments. |
| E-commerce |
The
CCIR E-Commerce Committee tabled its report on the survey it
conducted about the use of electronic commerce (e-commerce)
by Canadian insurers.
Based on the responses to
this survey, it seems the Canadian insurance industry is
primarily using e-commerce as a means of providing
information. However, the results also appear to indicate
that there will be more extensive use with respect to
on-line sales in future. The Committee will do further
research on the implications to consumers in the future. |
| Effective
Regulation |
The
CCIR Streamlining and Harmonization Committee reported on
its findings. During the summer of 2002, the Committee
solicited input from a number of industry associations for
initiatives which would streamline and harmonize the
regulation of insurance across the country. The Committee
received over 60 proposals for change. Some proposals did
not fall within the mandate of CCIR. Those within the
mandate fell into the following three broad
categories:
- agent licensing;
- company licensing and
information filings; and
- market conduct issues.
As a result, three new
working groups have been established. Each working group
will conduct a more intensive review by looking for common
themes and at the viability and priority of the proposals.
The working groups will report back to CCIR on the next
steps.
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| Next Meeting |
The
CCIR Spring 2003 Meeting will be held on April 3 and 4 in
Toronto, Ontario. |
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