Cooperative Supervision Oversight Committee
The objective of this Committee is to ensure the effective operations, maintenance and stewardship of the core elements of the cooperative supervisory framework developed by Insurance Core Principles Implementation Committee (ICPic) to increase alignment with the ICPs.
The Committee's work includes:
- Overseeing the Memorandum of Understanding and Protocol on Cooperation and the Exchange of Information (MOU) and its associated processes to address emerging issues and recommend changes or updates as required. Responsibilities also include requests from external regulators/stakeholders interested in signing the MOU or increasing information sharing with the CCIR.
- Managing the collection of information and reporting through the Annual Statement on Market Conduct (Annual Statement). Revising the Annual Statement data reporting requirements and reports as necessary (includes working with CCIR members, working groups and committees to identify beneficial changes and areas for data collection). Managing the relationship with the data services provider and overseeing the sharing of information among CCIR members regarding the jurisdictional usage and validation of market conduct data.
- Overseeing the Framework for Market Conduct Supervision in Canada and its associated processes to address emerging issues and recommend changes or updates as required. Responsibilities include leading the process to develop CCIR’s cooperative supervisory plans and activities as well as increasing information exchanges on examinations being conducted outside of the cooperative supervisory plans and activities.
- Overseeing the Risk-based Examination Framework, addressing emerging issues and recommending changes or updates as required.