|Initiative/Project Name:||Classes of Insurance|
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.
At the October 2, 2003 meeting, the CCIR approved the 16 harmonized classes of insurance, but did not approve the revised wordings of the definitions for each class noting that issues still remained as each jurisdiction continues to implement the classes. It was agreed that all jurisdictions would proceed to implement the harmonized classes, and that there could be slight differences between jurisdictions in the associated definitions.
|Classes of Insurance Information Release||March 2002||News Release, IBC Guidelines, Amalgamation of Classes|