Canadian regulators have just become more powerful in their ability to monitor misconduct among insurers.
Four members of the Canadian Council of Insurance Regulators (CCIR) announced that they have signed a memorandum of understanding (MOU) that allows for authorities to pursue “simpler and more effective” means of cooperation and information sharing across jurisdictions.
Representatives from British Columbia, Alberta, Ontario and Quebec are expected to follow suit in the months ahead.
"CCIR members represent every province and territory, and it's in all our interests to work more closely to ensure that we can cooperate and share information on Solvency Supervision and Market Conduct of Regulated Entities," CCIR Chair Patrick Déry said in a statement. "As a result, today we are signing a comprehensive MOU that will formalize information sharing and address issues like risk surveillance, consistent handling of consumer complaints, commercial practices and protection of confidential information," Déry said.
The MOU will allow regulators to monitor insurers that operate across provincial borders, as well as “allow jurisdictions to share in broader market and risk analysis.”
