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Spring
2005 Meeting Highlights
April
21 and 22, 2005
Toronto, Ontario
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| Review
and Prioritization of Strategic Initiatives |
CCIR’s
current Strategic Plan was released in December 2003.
The document sets out strategic initiatives that are
currently underway or planned.
CCIR has also undertaken some additional initiatives
that are not reflected in the Strategic Plan.
Current initiatives aimed at examining relationships
between insurers and intermediaries and the development of a
system for reporting company complaint data are primary
examples.
As a result of these additional initiatives, as well
as other initiatives that are under consideration, CCIR felt
it was prudent to review all projects underway in an effort
to prioritize work and to refocus resources to those
priority areas.
A new Strategic Plan will be brought forward at the
summer conference call meeting for approval.
Once it is approved it will be communicated to all
stakeholders.
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Industry
Practices Review Committee
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The
Joint CCIR/CISRO Industry Practices Review Committee tabled
a draft report outlining the findings from responses to
risk-based market conduct self-assessment questionnaires
that were received from the property and casualty insurance
sector and the life and health insurance sector.
The report also identifies possible policy
approaches.
The
report is expected to be publicly released later this
spring.
A wide-ranging consultation process will be
undertaken to receive comments on the options that have been
identified.
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| Referral
Arrangements
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The
Licence Considerations Committee recommended that a final
resolution on this matter be deferred until the review of
insurer and intermediary relationships of the Joint CCIR/CISRO
Industry Practices Review Committee has been completed.
CCIR approved this recommendation in order to ensure
consistency in terms of the approach that is developed by
each committee.
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| Reciprocal
Licensing Standards Committee
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The
Reciprocal Licensing Standards Committee sought approval of
new uniform application forms for life agents, accident and
sickness agents, general agents and general brokers.
Pending CISRO approval, it is expected that the new
application forms will be accepted in all jurisdictions,
except the few jurisdictions where legislative change is
required, beginning September 1, 2005.
Some jurisdictions may consider using the forms for
resident applications as well.
The
introduction of a new harmonized application form represents
a significant achievement in terms of streamlining and
harmonizing requirements across jurisdictions.
It is also a key building block for further work the
Committee is doing to develop a reciprocal licensing system.
The initial launch of such a system is being targeted for
2006. |
| CCIR
Executive Committee |
CCIR
members confirmed the following appointments to the CCIR
Executive Committee:
- Chair:
Michael Grist, Deputy Superintendent of Insurance,
Financial
Institutions Commission, British
Columbia
- Vice-Chair:
Bryan Davies, CEO and Superintendent of Financial
Services, Financial Services Commission of Ontario,
Ontario
- Vice-Chair:
Nancy Chamberland, Notary, Executive Director,
Distribution,
Autorité
des marchés financiers, Quebec
- Vice-Chair:
Doug Murphy, Acting Superintendent of Insurance,
Department
of Environment & Labour, Nova
Scotia.
Each
appointment
is for a two-year term commencing June 1, 2005.
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| Recognition
of Contribution to CCIR |
CCIR
members thanked Jim Hall, the outgoing Chair of CCIR, for
his invaluable contribution to the work of CCIR over the
past three years.
Jim provided strong leadership to CCIR in
implementing a number of initiatives aimed at streamlining
and harmonizing insurance regulation across Canada. Jim’s
dedication and commitment to CCIR’s vision will continue
through his involvement in the ongoing work of CCIR.
As
previously announced, Bryan Davies will be stepping down as
Superintendent of Financial Services and CEO of the
Financial Services Commission of Ontario in June.
Bryan’s involvement and commitment was greatly
appreciated by CCIR and members wished him well in his
future endeavours.
His successor will take over his role as CCIR
Vice-Chair. |
| Next Meeting |
The
CCIR Fall 2005 Meeting will be held on September 29
and 30 in Ottawa, Ontario. |
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