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Spring
2002 Meeting Highlights
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LLQP |
Progress on implementation of Life Licence Qualification
Program (LLQP) was a focus of the meeting. Most
jurisdictions agreed to implement on an optional basis
initially. Details will follow shortly. |
| E-Commerce |
Regulators
discussed the preliminary results of a survey on the use of
electronic commerce (e-commerce) by insurers in Canada. The
CCIR E-Commerce Committee will table its report at the CCIR
Fall 2002 Meeting. |
| Effective
Regulation |
Mr.
William Knight, Commissioner of the Financial Consumer
Agency of Canada, discussed the role of his organization in
the financial services regulatory environment.
CCIR members considered various alternatives which would
improve the regulatory environment. To develop and
crystalize options, a new committee has been struck. |
| Terrorism |
As
part of an on-going exchange, representatives of the
National Association of Insurance Commissioners (NAIC)
updated CCIR on the activities of insurance regulators in
the United States. In particular, the NAIC provided a
comprehensive description of the effects of terrorist
activities on September 11, 2001 on consumers and industry
in the United States.
CCIR met with representatives from six insurance industry
associations representing various insurance industry
sectors. A recurring theme in the majority of these
presentations was how the Canadian insurance market is
adjusting in the aftermath of the terrorist attacks in the
United States. Each sector’s perspective provided useful
insights into the situation in Canada.
CCIR will continue to monitor the situation in Canada with
respect to terrorism issue. A committee will be looking more
closely at how reductions and/or elimination of coverage
related to any future terrorist attacks are affecting
consumers. |
| Next Meeting |
The
CCIR Fall 2002 will be held on October 3 and 4 in Vancouver,
British Columbia. |
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