|
CISRO |
For the first time, this
meeting included a joint session with the Canadian Insurance
Services Regulatory Organizations (CISRO) to review joint
initiatives and discuss common goals.
The organizations reaffirmed
their commitment to work together on the development and
implementation of harmonized regulation, reduce unnecessary
regulatory burden, and keep pace with changes in the financial
marketplace.
|
|
Risk-Based
Market
Conduct
Regulation
-
Complaint Data
Sub-Committee
|
The Complaint Data Sub-Committee,
a joint initiative between the Autorité des marchés financiers
(AMF) and the Financial Services Commission of Ontario (FSCO)
demonstrated their new single entry web-browser system for
companies reporting complaint information to the two
regulators.
This project is a part of a harmonized
approach to better and more efficient data collection. The
objective of this initiative is to reduce regulatory burden on
companies while collecting meaningful complaint data that can
provide insight into market practices both at the company
level and industry-wide.
Ontario and Quebec will
implement the system in October 2005. Companies will begin by
reporting their complaint data for the six months ending
December 31, 2005.
It is expected that in the
future other jurisdictions will be able to utilize the system. |
Reciprocal
Licensing
Committee |
The Reciprocal Licensing Committee
was originally established as a joint committee of CCIR and
CISRO to look at initiatives proposed by industry associations
to streamline or harmonize agent and broker licensing.
CCIR and CISRO approved a
consultation plan by the Reciprocal Licensing Committee on the
reciprocal licensing model including continuing education and
errors and omissions insurance requirements. The consultation
is expected to begin in October 2005.
The plan envisions a reliance
model where a host jurisdiction would rely on most of the
requirements of the agent’s home jurisdiction but could
request that the agent meet some further jurisdiction-specific
requirements. In conjunction with this model, the Committee
has also recommended standards for continuing education and
errors and omissions insurance. These are key aspects of
licensing qualifications that, if harmonized, would facilitate
the introduction of a reciprocal licensing system. |
| Industry
Practices Review Committee |
The joint CCIR/CISRO meeting
included a review of the submissions received in response to
the Industry Practices Review Committee (IPRC) consultation
paper on Relationships between Insurers and Sales
Intermediaries. A report
that summarizes and provides analysis of responses is expected
to be released shortly.The report continues the work of the
Industry Practices Review Committee that was established in
November 2004 to review the financial relationships between
insurance companies and their sales intermediaries. |
| Next Meeting |
The CCIR Spring 2006 Meeting will
be held on April 6 and 7 in Montreal, Quebec. |
