Initiatives and Projects

Initiatives and Projects
Initiative / Project Name Status Description
Electronic Commerce Committee Active This committee reviews the use of electronic communications and transactions between insurers and consumers.
Insurance Core Principles Implementation Committee Active In 2011 the International Association of Insurance Supervisors (IAIS) adopted a revised set of Insurance Core principles (ICPs) for both prudential and market conduct regulation. CCIR formed the Insurance Core Principles (ICP) Implementation Committee to work with regulators to ensure that all the core principles are being met in Canada, particularly those concerning fair treatment of customers. In addition to the work being done by the full ICPic Committee, this committee has set up five sub-committees to move various pieces of its work forward.
Insurance Core Principles Implementation Committee Sub Working Group - Market Intelligence Data Gathering and Analytics Working Group Active To research and determine the market intelligence information that needs to be monitored and anlyzed on an ongoing basis to permit CCIR members to proactively identify market conduct risks.
Market Intelligence Data Gathering and Analytics Working Group - Complaint Reporting System (CRS) sub-committee Active To facilitate ongoing training of the CRS system by participating regulators and the development, analysis and sharing of national data/reports; to assess the type of complaint data that CRS is currently collecting and determine how these complaint data will enable the CCIR members and insurers to proactively identify and analyze market conduct risks; and to identify what if any changes to the data may be required in order for AMF and FSCO to conduct cost/benefit analysis and develop and implement a sustainability strategy.
Insurance Core Principles Implementation Committee Sub Working Group - Memorandum of Understandig Protocol on Cooperation and the Exchange of Information (MOU) Maintenance and Follow Up Active With the MOU now complete, this working group has been set up to collect and make required amendments to secure outstanding signatories and keep current signatories informed about any required changes to the MOU.
Insurance Core Principles Implementation Committee Sub Working Group - Operating Agreement Working Group Active To develop an agreement by which to operationalize and support the cooperative market conduct supervision work done under the umbrella of the MOU.
Insurance Core Principles Implementation Committee Sub Working Group - Risk based Market Conduct Framework for Insurers Active To develop a risk-based market conduct framework that CCIR members, (individually or collectively), can adopt and use to evaluate market conduct risk within insurers (through insurer specific assessments) and within the industry (thematic review).
Insurer Licence Application Update Working Gorup Active

This working group is reviewing and updating the current CCIR Application for Insurer’s Licence Form.

Property Insurance Working Group Active

The objective of this working group is to review property insurance policy wording for exclusion and disclosure issues relating to natural disaster coverage. The working group also consults with industry stakeholders to understand changes in the marketplace resulting from natural catastrophes, and resulting impact to consumers.

Segregated Funds Working Group Active

The mandate of this working group is to refresh regulators’ understanding of segregated funds and changes to the products and marketing since the last review and to review the regulation of segregated funds, including an assessment of potential risk of regulatory arbitrage by dually licensed (insurance and mutual funds) insurance agents.

Travel Insurance Working Group Active

The objective of this working group is to identify practices in the travel insurance market that are causing harm, or have the potential to cause harm to the public, and to develop recommendations to address them in order to prevent further loss in confidence of consumers in travel insurance.

OmbudService Oversight Standing Committee Standing Committee This committee works to ensure that third party dispute resolution systems in the Insurance sector, including OLHI and GIO, fulfill the public interest objectives of complaint resolution as an important component of a well-functioning consumer protection policy framework.
Standards of Practice Committee Standing Committee

To encourage industry's efforts in promulgating codes of conduct, guidelines and standards, CCIR formed this committee to allow both thorough reviews and responses in a timely fashion to such documents that are submitted to us.

Assuris-PACICC Standing Committee Assuris & PACICC protect Canadians in the event of the collapse of thei Life or Property & Casualty insurance company. This committee reviews proposed changes to Assuris/PACCIC rules and regulations.
Facility Association Standing Committee The Facility Association is an entity established by the automobile insurance industry to ensure that auto insurance is available to all owners and licensed drivers of motor vehicles where such owners or drivers are unable to obtain insurance through the voluntary insurance market. This standing committee reviews proposed changes to the FA's Plan of Operations under which it and its members operate.
Forms Committee Standing Committee This committee meets with the Office of the Superintendent of Financial Institutions to review the various annual and quarterly statement forms filed by insurers to ensure they contain all required information and meet applicable financial reporting standards.
Capital Requirements Information Committee Standing Committee This committee meets with the Office of the Superintendent of Financial Institutions to review changes to capital requirements for Life and P & C.
Agencies Regulation Committee Complete This committee reviews the regulation of agencies, brokers and administrators, and considers risks to consumers and legislative & regulatory issues regarding the application of electronic commerce.
Credit Scoring Working Group Complete This working group reviewied and examined issues and options around the use of credit scoring models. Disbanded January, 2013.
Discplinary Information Implementation Working Group Complete This working group is joint CCIR/CISRO team established to implement a Canada-wide disciplinary action informaiton system.
Classes of Insurance Complete The objective of the committee was to develop a set of harmonized, and perhaps reduced number, of classes of insurance satisfactory to all members of the CCIR and P&C industry, and to make recommendations for a more efficient process for insurers adding a new class of business.
Consumer Protection Initiatives Complete This working group was established to advance consumer protection initiatives.
Discplinary Information Implementation Working Group Complete This working group is joint CCIR/CISRO team established to implement a Canada-wide disciplinary action informaiton system.
E-Commerce Complete Working from 2000 through 2002, this committee was charged with undertaking a review of the impact of the use of electronic commerce (E-Commerce) on insurance consumers and the insurance industry in Canada to determine whether regulatory change was required.
Intermediary Regulation Working Group Complete Reviewed compliance monitoring by insurance companies of their intermediaries. Disbanded January, 2011
Insurer Licenses Complete Responsible for the development of Applications for Insurer's License.
IPRC Complete The Industry Practices Review Committee's objective was to research and recommend to CCIR and CISRO possible responses and policy objectives with respect to the environment and controls around compensation to sales intermediaries, financial linkages between insurers and sales intermediaries, and conflicts of interest.
ISI Complete This committee's objective was to define the Incidental Selling of Insurance (ISI) and to identify and gather information on potential issues and claims processes related to ISI.
IVIC Point of Sale Working Group Complete This Working Group was responsible for the development of a Point of Sale Disclosure system for consumers of individual Variable Insurance Contract (segregated fund) products. Disbanded January, 2011
Licensing Considerations Complete The committee was established by CCIR with CISRO representation to develop policy and procedures for the consideration of requests for special licenses.
LLQP Integrity Complete This committee was formed to address issues arising from the administration of the examination process and maintenance of the examination question database for the Life License Qualification Program.
Privilege Complete This working group was established to understand, research and recommend to CCIR an approach to address concerns regarding the confidentiality of information gathered by insurance companies for internal audits and self-assessment purposes.
Rebating and Inducements Complete The objective of the committee was to review market conduct proposals solicited from Industry Associations with regards to the harmonization of legislation respecting rebates and inducements, tied selling and disclosure requirements.
Reciprocal Licensing Complete The objective of the committee was to research and recommend to CCIR and CISRO a model for reciprocal licensing that includes a harmonized proposal for errors and omissions insurance and continuing education.
Regulatory Definitions and Rules Complete This committee researched and reported on insurance-like business activities where there were current or possible future differences in treatment by jurisdictions.
Regulatory Collaboration Committee Complete This committee collaborates with the Office of the Superintendent of Financial Institutions on technical standards, training, emerging issues and enforcement issues.
Risk based Market Conduct Complete The objective of this committee was to develop and document a vision of risk based market conduct regulation.
Solvency Forum Committee Complete This committee was created in the fall of 2011. Members agreed that there would be benefit in determining what provincial companies currently exist and in working with PACICC and Assuris to improve insolvency preparedness.
Streamlining and Harmonization Complete The objective of the committee was to solicit and review proposals to introduce greater streamlining and harmonization of regulatory practices among regulators. This is now part of the CCIR Strategic Planning process.
Survey Standards Working Group Complete This Working Group was responsible for the development of best practices guidance for regulations on survey design, consulation, communication, etc.