TORONTO, Oct. 28, 2004 – The Canadian Council of Insurance Regulators (CCIR) and the Canadian Insurance Services Regulatory Organizations (CISRO) have established a committee to ensure a coordinated national approach to regulators’ review of insurance practices regarding the relationship between intermediaries and insurance companies.
Provincial and territorial insurance regulators are preparing to undertake reviews of these market practices within their respective jurisdictions to ensure that the interests of the consumer are protected.
The establishment of a joint CCIR-CISRO Committee will enable regulators to work in concert to avoid duplication and streamline regulatory resources.
CCIR is an inter-jurisdictional association of regulators of insurance. Its mandate is to facilitate and promote an effective regulatory system in Canada to serve the public interest.
CISRO is an inter-jurisdictional association of regulators of insurance intermediaries across Canada.