The CCIR wishes to thank all the stakeholders who submitted input into the development of a new CCIR Strategic Plan.

The new plan is expected to be finalized for an early 2008 distribution.

Recognition of Contribution to CCIR

The CCIR sends fond thanks to Nancy Chamberland of the AMF for her service to the CCIR as Vice-Chair for the past two years.  

The CCIR also thanks Jeff Bee from the Office of the Superintendent of Financial Institutions for his many years of service as Chair of the Forms Committee and wishes him well on his retirement.

The CCIR has approved the creation of a new standing committee to liaise with the Facility Association on an ongoing basis.

The committee will be raising operational and reporting issues identified in a recent survey of CCIR members as their first priority.

The CCIR has approved the creation of a new Standards of Practice Standing Committee to respond promptly and consistently to guidelines and standards from industry organizations sent to regulators for review.  Committee membership is yet to be decided.

Since regulators are putting increased emphasis on the continuing development and implementation of sound governance practices, standards and guidelines by industry, the CCIR believes that we should encourage industry’s efforts by having a mechanism that will allow us to respond to these guidelines and standards in a timely fashion.

Risk-based Market Conduct Regulation -

Complaint Data Sub-Committee

Work is now underway to expand the AMF-FSCO Company Complaint Reporting System to other provinces. 

Interested regulators have been asked to sign a letter of intent before the end of 2007 after which the AMF and FSCO will undertake the system work required for the expansion.

The IPRC is currently conducting an implementation review of insurers and intermediaries to confirm the extent to which the principles have been embraced by industry and to assess whether further regulatory action is required.

An electronic survey to insurers is expected to go out later this Fall.

The CCIR accepted several recommendations from the Incidental Selling of Insurance Working Group (ISI WG) regarding the scope of its future work.

These included conducting further reviews to determine the practices of insurers regarding Exclusions, Restrictions and Limitations and to advise the CCIR on present and potential problems and policy alternatives. 

As well, the ISI WG was given permission to consult with the industry and consumer associations to define expectations on the role and responsibilities of the insurers and the incidental sellers in the distribution process and recommend best practices in the management of conflicts of interest in the context of ISI.