Demonstrating increasing regulatory co-operation and information sharing, members of the Canadian Council of Insurance Regulators (CCIR) are asked to file annual statements of market conduct, detailing practices on such things as point-of-sale information, product advertising and staff training. Most did this year.

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The statements allow “insurance regulators to better understand insurer operations, best practices and conduct, and the information can be used to identify trends and potential risks to consumers,” reports Canadian Insurance Top Broker (CITB), citing a CCIR release.

Another plus of the statements is harmonization: insurers operating in more than one province or territory file only one information return, rather than responding to similar information requests from multiple regulators.

Those insurers who didn’t meet the May 1 deadline for the statements “may be subject to regulatory action,” reports CITB.

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Read the full story on CITB.

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