Canadian Council of Insurance Regulators

Insurance Core Principles Implementation Committee (ICPic)

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 Implementation Committee (ICPic) 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 Committee, this committee has set up working groups to move various pieces of its work forward.

The working groups are:

1. Market Intelligence Data Gathering and Analytics Working Group - To research and determine the market intelligence information that needs to be monitored and analyzed on an ongoing basis to permit CCIR members to proactively identify market conduct risks.

1.1 Complaint Reporting System (CRS) Sub Working Group - 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. Complaint data is now being collected through the Annual Statement on Market Conduct.

2. Memorandum of Understanding and Protocol on Cooperation and the Exchange of Information Maintenance and Follow-Up - 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.

3. Operating Agreement Working Group - To develop an agreement by which to operationalize and support the cooperative market conduct supervision work done under the umbrella of the MOU.

4. Risk-based Market Conduct Framework Working Group - 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).