CCIR releases three-year strategic plan | Canadian Insurance

CCIR releases three-year strategic plan

Priorities focus on multi-jurisdiction cooperation and technological innovation

 The Canadian Council of Insurance Regulators (CCIR) has released its three-year (2017-2020) strategic plan, which focuses on three distinct priorities under the overarching themes of cooperation and technological innovation.

“There is the potential for the ever-growing and increasingly available technology to alter the insurance world as many currently understand it. It is essential that regulators across the country work together to ensure a consistent approach to the regulation of technological innovation in financial services and the insurance sector in particular,” says CCIR chairman Patrick Déry in the report’s foreword.

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The three core priorities that the report focuses on are: enhancing consumer protection by aligning with international best practices, working collaboratively with regulatory partners and working with industry stakeholders to harmonize supervision and regulation.

Under the first priority, there is an emphasis on increasing customer understanding of the risks associated with natural disasters. The CCIR will also be assessing the effectiveness of current regulations and the potential need for cooperative supervision across multiple jurisdictions.

By working with national regulatory partners, the CCIR, under the second priority, plans to create a framework for the regulation of emerging technologies. Lastly, under the third priority, the aim is to work with industry stakeholders to increase synchronicity of regulation across Canadian geographies.